EU to Hold First Summit with OPEC about Oil

Oil producing nations will be urged next month to increase transparency in the rollercoaster crude market to help cut lofty oil prices that are hitting industry, the European Union said on Tuesday.

There is a need for cheaper and more reliable supply of oil, Jeannot Krecke, Luxembourg’s minister of economy and foreign trade, told reporters.

Luxembourg holds the rotating presidency of the 25-nation EU bloc, and Krecke said the EU will hold its first summit with OPEC on June 9 to look at solutions for removing excessive volatility from the market.
Reuters