U.K. Energy Minister Malcolm Wicks is to meet Saudi Oil Minister Ali Naimi Saturday in the Saudi capital Riyadh to discuss concerns over soaring oil prices, the Times of London reports Wednesday.
He is expected to press for Saudi cooperation to ensure greater transparency in the global oil market including more up-to-date data on oil production, trade and stocks in an effort to limit the opportunity for speculation by reducing oil price volatility, the newspaper says.
He is likely to welcome Saudi Arabia's decision to boost output to 9.45 million barrels a day, but is likely to seek assurances that Naimi will encourage other members of the 13-strong Organization of Petroleum Exporting Countries to follow suit, the paper says.