UK: Energy minister to urge Opec to invest for recovery

Energy Minister Mike O’Brien is expected to urge Opec members to ensure stable oil prices in the future by investing in increased production when he speaks to the cartel’s international conference in Vienna later today.

He is also expected to urge members not to cut production at its next meeting in May and to use their sovereign wealth funds to invest in sectors other than energy.


On Sunday, Opec decided to maintain its current production quotas and meet again on May 28 to review this policy, according to a statement by Secretary-General Abdalla el-Badri.

Following the London Energy Meeting in December, which emphasised the need for better dialogue and co-operation between consuming and developing countries, Mr O’Brien is expected to highlight the important role that Opec will play in helping accelerate the global economic recovery.

Telegraph