OPEC member states get visit from US Energy Secretary

US Energy Secretary Steven Chu, will travel to the Middle East next week to meet top OPEC member country officials from several nations, including Saudi Arabia, Qatar and the UAE. Chu’s visit will come just three weeks before OPEC’s March 17th meeting in Vienna where the major producers will review oil market conditions and consider whether to change OPEC oil output levels. The trip will provide a rare opportunity for the US administration to relay in person to OPEC officials the US position on the group’s production as fuel demand increases this year with a recovery in the global economy. Chu will also visit Qatar and the United Arab Emirates, according to David Sandalow, Assistant Energy Secretary for Policy and International Affairs. Sandalow told reporters that Chu will hold “a series of private meetings and public events” during his visit but declined to give further details. Since coming into office, Chu, , known more for his love of green energy than fossil fuels and a Nobel prize laureate, has downplayed the importance of OPEC and fossil fuels like oil. Instead, he has promoted energy efficiency, the need to fight climate change and the development of renewable energy sources like wind and solar power. Top Libya official says OPEC to keep oil output unchanged OPEC members oil output in Feb 2010 hits 14 month high OPEC member Iran begins drilling oil well in Caspian Sea OPEC could cut oil output if prices fall below $70 US OPEC worried about member’s oil production targets IEA to Meet CFTC and OPEC on curbing oil price speculation US sees non-OPEC oil output growth ending in 2011 OPEC El-Badri warns of higher oil prices if Iran attack The run up to OPEC’s December oil output meeting OPEC member countries oil output rose in November, highest in 2009 Venezuela says OPEC’s aim is for stable oil markets OPEC member countries raising oil output as demand slows OPEC oil production increase is a no, says UAE The UAE remains third largest OPEC money earner Saudi Arabia says it will need aid if world cuts dependence of oil Russia overtakes Saudi Arabia as the world’s largest oil producer Saudi Arabia does not expect 2010 OPEC cut OPEC to hold quota when oil prices reach $75 Saudi Arabia target Oil prices trading steady, awaits US crude inventory data Light oil price trading back over $80 on buying activity

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OPEC member states get visit from US Energy Secretary