EU To Hold Energy Dialogue With OPEC On High Oil Prices

The European Union (EU) and the Organization of Petroleum Exporting Countries (OPEC) are to meet here Tuesday to discuss the soaring oil prices.
EU Presidency Slovenia said in a statement that EU will particularly highlight the bloc's concerns about the high oil prices, which approached 140 U.S. dollars per barrel last week, a once unimaginable record level.
The dialogue, the fifth round of such kind between the two, follows a global summit on oil prices in Saudi Arabia's Red Sea city of Jeddah Sunday. The summit, which brought together the world's major oil producers and consumers, ended with a call for more investment and improved transparency in the oil industry.
It will draw some key policy makers from both sides, including Slovenian Economy Minister Andrej Vizjak and Chakib Khelil, President of the OPEC Conference and Algeria's Energy and Mines Minister.
They will address recent energy policies and oil market developments, and future activities in the context of the EU-OPEC Dialogue.
At the meeting, EU will present a summary report and its conclusion on an oil refining study, while OPEC will present the progress report on a study concerning the impact of financial markets on oil price and volatility.
There will be a round table discussion and site visits on carbon capture and storage, and presentations by both sides on a proposed OPEC-EU Energy Technology Center.