Britain calls for greater transparency in oil market


London : A British minister Friday called for further action to safeguard the stability of oil prices despite the current decline of the price for crude oil in the face of global recession.

Support TwoCircles

Energy Secretary Ed Miliband, who was Friday due to host a meeting of oil ministers from 40 countries in London, made his appeal just days after a cut in oil production announced by the Organization of Petroleum Exporting Countries (OPEC).

The London meeting was originally planned during the summer when the oil price surged to more than $140 a barrel.

But Miliband told the Financial Times that it was still important to continue the dialogue between oil producer and consumer nations began last June in Jeddah in Saudi Arabia.

The aim was to ensure that prices do not spike upwards again when the global economy recovers and demand for oil picks up.

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

“We have a duty to do all we can to prevent such price spikes in the future. That is why it is right to continue the dialogue started in Jeddah and I hope that we can agree a series of steps to promote transparency in the oil market and improve its effectiveness as a route to greater stability.”

Miliband said consumer and producing countries came to the talks with different points of view but a shared interest in a stable and better functioning oil market.

“That is our aim in this process,” he said.