US to seek dialogue in Saudi Arabia
US Energy Secretary Bill Richardson on Friday foresaw no output cutbacks by oil producers because of current Middle East tension and said he would seek a dialogue on energy prices during a trip next month to Saudi Arabia.
Richardson told reporters here he was monitoring the oil market closely but said there was no reason to expect that producers were about to scale back output and exports. "We will continue to monitor the effect of the most recent events in the market," Richardson said. "We have no reason to believe that oil producers will cut their production or exports.
"In the unlikely event of a supply disruption, we will consult with our allies in Europe and at the International Energy Agency and take appropriate steps to protect the American economy, US consumers, and the world economy."
Richardson is due to visit Riyadh next month for an oil industry conference, where he said he would be seeking "a positive dialogue" on the oil market.
But he stressed that the United States would not be looking "to cut any deal on production or consumption." – (AFP)
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