What to do about the cost of oil is fast becoming the $64,000 question of our time.

World leaders were sweating in Saudi Arabia this weekend (not just because of the stifling heat but also because of the pressure they’re all feeling in their home countries as fuel prices continue their seemingly inexorable rise) and, at least, one thing is now clear – there’s a consensus that something needs to be done before global business suffers lasting damage.

There are still those at Opec who continue to blame speculators, and not supply issues, for the price hikes but recent events in Nigeria, and ongoing instability in the Middle-East appear, from this end at least, to suggest that both are culpable.

From a procurement perspective the noises coming from Jeddah are finally offering some crumbs of comfort that an area of spend that has risen beyond all predictions could soon return to more manageable levels.

Don’t get too excited though. The final communiqué from the conference made no mention of increasing supply, although Saudi Arabia did concede that more oil would be pumped from the region “if demand for such quantities materializes and our customers tell us they are needed.”