Global alarm over oil tug of war

The world's oil producers and consumers agree the record US$75-a-barrel price for crude is a danger to everyone but appear further apart than ever in their quest to bring prices down.

"The two are moving in parallel but there is no meeting point," Opec president Edmund Daukoru said yesterday.

Consuming nations - from the US to poor African nations - are afraid high energy costs will damage their economies while producers are worried high prices will destroy demand.