Cheney meeting Saudi king for oil talks

US Vice President Dick Cheney is meeting Saudi Arabia's King Abdullah for talks today that will include discussions on cooperation to stabilise the oil market, where prices have reached record highs.

"I'm sure they will talk about the need for a cooperative way forward to try and stabilise this market, reduce the volatility in the market, and serve the interests of both consumers and producers alike," John Hannah, national security adviser to Mr Cheney said.

Oil prices have risen in recent weeks to record highs above $100 a barrel because investors have piled into commodities as the value of the US dollar has sharply fallen. The price fell below $100 yesterday on fears of a US economic slowdown.

Mr Cheney's trip follows a visit to Saudi Arabia by President George W. Bush, who in January called for crude oil exporters' group Opec to increase production.

Mr Cheney will also review his trips in the last few days to Iraq and Afghanistan during his talks with Abdullah at the king's farm on the outskirts of Riyadh.

While they will cover a broad range of issues, energy will be a key topic, with high oil prices hurting the US economy. Iran will be high on Mr Cheney's agenda as well as Syria and Lebanon. He would also encourage the Saudis and others to support international efforts to help Iraq and Afghanistan.

The United States wants Saudi Arabia and other Arab allies to establish a diplomatic presence in Iraq and help reconstruction efforts in Afghanistan.

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