EU and OPEC to discuss oil prices and supplies

THE European Union is to hold its first meeting with OPEC nations next month. One issue high on the agenda will be the need for greater transparency from oil producers in an effort to help cut high world oil prices.

Reuters reports Luxembourg's minister of economy and foreign trade, Jeannot Krecke, as saying on Tuesday that cheaper and more reliable supplies of oil were needed to help smooth out the rollercoaster ride of crude oil prices.

Krecke said the EU would hold its first summit with OPEC members on 9 June. The aim of the meeting would be to work with the cartel on possible investments to increase supplies of some petroleum products, as well as improving communication and transparency in the oil market.

Luxembourg currently holds the EU's rotating presidency.