Volatile oil prices remain threat to world economy: Brown

December 20th, 2008 - 7:30 pm ICT by IANS  

London, Dec 20 (IANS) Britain’s Prime Minister Gordon Brown has said that volatile oil prices remain a threat to the global economy.”It is clear that our most pressing challenge is price volatility. Wild fluctuations in prices harm nations all around the world,” he said, according to IRNA.

The oil prices fell by almost three quarters from over $120 per barrel in the recent past.

Brown made the remarks at a meeting of energy and oil ministers here Friday.

The oil ministers from the Organisation of Petroleum Export Countries (OPEC), including Gholam-Hossein Nozari from Iran, participated in the discussions.

Brown blamed the high oil prices for inflation and holding back growth by governments. He proposed measures to increase the transparency and regulation of international oil markets.

He urged the oil-producing countries in the Gulf to invest more in areas of carbon capture and storage.

Britain’s Energy Secretary David Miliband said that despite the fall in oil price, it was still important to continue the dialogue between oil producer and consumer nations.

“All of us have an interest in less volatile oil markets that function more effectively,” he said in a statement ahead of the meeting.

“British consumers and businesses have been hurt by the sharp rise in prices earlier in the year. We have a duty to do all we can to prevent such price rise in the future.”

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