US Energy Secretary Bill Richardson will leave Thursday to meet with International Energy Agency member states as well as with ministers from Saudi Arabia, Algeria, Kuwait, United Arab Emirates, Qatar and Venezuela, reported AFP, quoting a statement by the White House as saying.
US President Bill Clinton asked Richardson "to continue his diplomatic efforts with major oil producing and consuming countries to increase world stocks, reduce market volatility and improve the market situation," the statement said.
The Emirati News Agency (WAM) reported Thursday that Richardson will arrive in the country next Sunday, adding that he will hold talks with the minister of petroleum and mineral resources, Obeid bin Saif Al Naseri.
The agency added that both ministers would discuss the latest developments in the oil market.
Emirati sources told the agency that Richardson will try to persuade OPEC producers not to cut output at their next Wednesday meeting in Vienna.
OPEC is considering a decision to reduce oil production by 1.5 million barrels per day to prop up oil prices, which have recently witnessed a downtrend. The OPEC tour will be Richardson's last mission before the new US administration of President-elect George Bush takes over on January 20 -- Albawaba.com
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