Jeddah : The world's energy powers embarked on a new level of dialogue to rein in runaway oil prices at an emergency meeting in this Red Sea city, but were unlikely to come up with a quick fix. While British prime minister Gordon Brown said there was a consensus that oil prices were too high, host Saudi Arabia vowed to pump more oil in response to consumer countries' requests. But, he said that alone would not be enough to calm a market driven by an array of factors. "In this critical hour, the world community should rise to its responsibility and cooperation should be the cornerstone of any effort,' Saudi King Abdullah said at the meeting, calling for a global "energy-for-the-poor' initiative. He said speculators were driving up oil prices, and so were the high fuel taxes in consuming nations coupled with increased demand in developing economies. However, US energy secretary Sam Bodman said the focus on speculators driving up oil prices was misplaced. "There's no evidence we can find that speculators are driving futures prices,' Bodman said. The Saudi king promised $500 million in soft loans and called for a $1 billion Organisation of Petroleum Exporting Countries (Opec) fund to help the world's poor cope with soaring prices that nearly hit $140 a barrel last week. The cost of crude has doubled in a year