UK Energy Minister to ask Saudi Arabia for oil market rethink

Malcolm Wicks, the Energy Minister, is to meet the Saudi Oil Minister this week to discuss global concerns over the soaring price of oil, which hit nearly $140 a barrel on Friday.

News of Mr Wicks


Mr Miller also forecast that the price of wholesale gas would treble. Most analysts think that oil will be between $100 and $200 a barrel next year.

Mr Wicks will meet Mr al-Naimi for talks in Riyadh on Saturday. 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. Mr Wicks is also expected to welcome Saudi Arabia