Oil producers and consumers seek oil price stability

LONDON (Reuters) – The world’s biggest oil producers and consumers called on Friday for cooperation to prevent extreme volatility in oil prices and help guarantee future energy supplies.

Opening a meeting of energy ministers from OPEC and the big consuming nations as well as energy companies, British Prime Minister Gordon Brown called for action to reduce huge swings in oil prices that he said had damaged the world economy.

“We will need a new partnership between oil-producing and oil-consuming countries,” Brown said. “As with the global financial crisis, this global crisis in our energy markets cannot be solved by one nation or one continent alone.”

Brown originally called the meeting in June when oil prices were heading toward an all-time peak of more than $147 a barrel. Prices have dropped more than $100 since then due to the credit crisis and a recession that has shrunk demand for fuel.

Reuters