US Energy Secretary in Kuwait for Talks on Oil Production CutsUS Secretary of Energy Bill Richardson arrived here on Sunday for a short visit, as part of a tour to Gulf members of the Organization of Petroleum Exporting Countries (OPEC).Richardson will hold talks with his Kuwaiti counterpart Sheikh Saud Nasser Al-Sabah on the recent development in the world oil market, the official Kuwait News Agency reported. Richardson, whose current tour came before OPEC ministerial meeting due in Vienna on January 17, has said that his mission is to persuade OPEC members not to cut too much of their oil output. The US official voiced concern that drastic production cuts by major oil producing countries would spur a price hike that will harm the world economy. As oil prices in the world market have recently witnessed a continuous fall to less than 22 dollars a barrel after hitting a 10-year high last October, OPEC members are expected to agree to reduce crude supply by 1.5 million-2 million barrels per day. The US, however, has proposed a cut of 1 million barrels per day, which it said would be enough to keep the price around 25 to 28 U.S. dollars per barrel. Before Kuwait, Richardson has visited Saudi Arabia, the United Arab Emirates and Qatar. |
| People's Daily Online --- http://english.peopledaily.com.cn/ |