Saudi Arabia, the leading member of the Organization of Petroleum Exporting Countries, proposed the meeting of countries and oil company bosses on Monday. The U.S. said it plans to attend.

The guest also includes leading investment bankers and financiers, who are held responsible by OPEC for driving up the price of oil through speculation.

"It will take place on June 22 in Jeddah," OPEC secretary general Abdalla El-Badri told AFP Tuesday, referring to the Saudi port on the Red Sea.

European countries, the European Commission, the International Energy Agency -- the energy watchdog for industrialized countries -- and the heads of investment banks Morgan Stanley and Goldman Sachs would be invited, he said.

The inclusion of investment bankers reflects the view within OPEC, which pumps about 40 percent of world oil, that they must be included in the discussions and are seen both as part of the problem and of the solution.

Oil prices have been giantically increasing the recent months.

Agencies