Correct Option: A

An energy meeting focusing on rocketing oil prices was held in Saudi Arabia’s Red Sea city of Jeddah in June 2008. The summit ended with a statement calling for “improved” transparency and regulation in oil production and financial markets dealing in crude oil. The meeting came at a time when global oil prices hit a record near 140 U.S. dollars per barrel, got together the world’s major oil producers and consumers, as well as leaders from big oil firms and international organizations.