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Cheney seeks Saudi oil increase Cheney in oil talks with Saudis
(about 23 hours later)
US Vice-President Dick Cheney is in Saudi Arabia for talks with King Abdullah which will focus on security and the global energy market. US Vice-President Dick Cheney has met Saudi Arabia's King Abdullah to discuss ways of stabilising the oil market.
Mr Cheney's national security adviser said they would discuss "a co-operative way forward" to stabilise oil prices, which have hit record highs. US officials said there was "a lot of commonality" in the talks in Riyadh on the way to move forward in the global energy market.
Oil prices have risen about 16% this year, but the oil producers' cartel, Opec, has declined to raise output.Oil prices have risen about 16% this year, but the oil producers' cartel, Opec, has declined to raise output.
On Thursday, Mr Cheney held talks with Afghan President Hamid Karzai in Kabul. On Thursday, Mr Cheney held talks with Afghan President Hamid Karzai in Kabul, urging greater Nato commitment.
Afterwards, Mr Cheney called on other Nato member states to increase their commitment to Afghanistan's security in the face of a growing threat from the Taleban. Mr Cheney's Middle East tour also took him to the Iraqi capital, Baghdad, five years after the US-led invasion.
The visit was a second previously unannounced leg of Mr Cheney's Middle East tour. Earlier this week he visited the Iraqi capital, Baghdad, five years after the US-led invasion.
He will also visit Israel, the West Bank and Turkey before returning to Washington.He will also visit Israel, the West Bank and Turkey before returning to Washington.
Market volatilityMarket volatility
Mr Cheney is staying the night at King Abdullah's al-Jenadriya horse farm, where he was given a warm welcome. In meetings that also included Saudi Oil Minister Ali al-Naimi, US officials said there was a "very thorough" discussion of short, medium and long-term goals for the oil market.
"There was I think a lot of commonality in their assessment about the structural problems confronted by the global energy market now and some discussion of probably the way forward," a senior US official said.
King Abdullah had earlier welcomed Mr Cheney to his al-Jenadriya horse farm.
"Mr vice-president, we've been friends a long time," the king said."Mr vice-president, we've been friends a long time," the king said.
Speaking to reporters on the flight to Saudi Arabia from Oman, Mr Cheney's national security adviser John Hannah said Mr Cheney and the king would "review a broad agenda of diplomatic and security issues, as well as where we are now in the global energy market".
"I'm sure they will talk about the need for a co-operative way forward to try and stabilise this market, reduce the volatility in the market, and serve the interests of both consumers and producers alike," he added.
Oil prices have risen in recent weeks to record highs above $100 as investors have purchased commodities as the value of the dollar has fallen.Oil prices have risen in recent weeks to record highs above $100 as investors have purchased commodities as the value of the dollar has fallen.
The price fell below $100 on Thursday amid fears of a US economic slowdown. Mr Cheney's national security adviser John Hannah said before the talks that they would build on the discussions begun by President George W Bush on his visit to Saudi Arabia in January, when he called on Opec to increase oil exports and warned high energy prices were hurting US consumers.
Mr Hannah said the two leaders would build on the discussions begun by President George W Bush on his visit to Saudi Arabia in January, when he called on Opec to increase oil exports and warned high energy prices were hurting US consumers. At the time, Mr Naimi insisted the kingdom would boost production only if the market justified it.
At the time, Saudi Oil Minister Ali al-Naimi insisted the kingdom would boost production only if the market justified it. Mr Bush said he hoped King Abdullah would "listen very carefully" to US concerns, while White House spokeswoman Dana Perino said the president hoped to "see an increase in production".
Before his deputy's visit on Friday, Mr Bush said he hoped King Abdullah would "listen very carefully" to US concerns, while White House spokeswoman Dana Perino said the president hoped to "see an increase in production". Other issues on the agenda of the meetings in Saudi Arabia included concerns about the potential nuclear threat posed by Iran to the region, military and political progress in Iraq, as well as Syria and Lebanon, US officials said.
Other issues on the agenda of the meetings in Saudi Arabia include concerns about the potential nuclear threat posed by Iran to the region, military and political progress in Iraq, as well as Syria and Lebanon, US officials said.
In Baghdad on Monday, Mr Cheney called on Saudi Arabia and other US allies in the region to establish a diplomatic presence in the Iraqi capital.