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Brown demands petrol price cuts Brown demands petrol price cuts
(about 2 hours later)
Gordon Brown has called for the recent falls in the price of oil to be passed on to UK consumers.Gordon Brown has called for the recent falls in the price of oil to be passed on to UK consumers.
The price of oil has plummeted - from a high of $147 a barrel for US Light Crude this summer to $82.24 at midday on Friday. The price of oil has plummeted - from a high of $147 a barrel for US light crude this summer to $82.24 at midday on Friday.
The prime minister said: "I want these price cuts passed onto the consumer, and passed on as quickly as possible."The prime minister said: "I want these price cuts passed onto the consumer, and passed on as quickly as possible."
The price of oil has been falling due to concerns that the economic slowdown will lead to a fall in global demand.The price of oil has been falling due to concerns that the economic slowdown will lead to a fall in global demand.
Many UK consumers are struggling with high energy bills and petrol prices.Many UK consumers are struggling with high energy bills and petrol prices.
The prime minister also called on Opec not to cut production at its forthcoming emergency meeting as this would put upward pressure on prices.The prime minister also called on Opec not to cut production at its forthcoming emergency meeting as this would put upward pressure on prices.
Demand 'slow'Demand 'slow'
His statement comes on the same day that the International Energy Agency (IEA) cut its forecast for oil demand growth to its lowest level for 15 years.His statement comes on the same day that the International Energy Agency (IEA) cut its forecast for oil demand growth to its lowest level for 15 years.
Although non-OECD slowdown is also likely, it is by no means certain that growth will be choked off altogether International Energy AgencyAlthough non-OECD slowdown is also likely, it is by no means certain that growth will be choked off altogether International Energy Agency
It cited economic weakness and "a liquidity crisis" as the reasons.It cited economic weakness and "a liquidity crisis" as the reasons.
The IEA has reduced its 2008 forecast by 250,000 barrels per day, to 440,000 barrels, and its 2009 estimate by 190,000, to 690,000 barrels per day.The IEA has reduced its 2008 forecast by 250,000 barrels per day, to 440,000 barrels, and its 2009 estimate by 190,000, to 690,000 barrels per day.
US light crude was down $4.09 at $82.53 a barrel on the news while London Brent crude fell $3.84 to $79.18 a barrel.US light crude was down $4.09 at $82.53 a barrel on the news while London Brent crude fell $3.84 to $79.18 a barrel.
Lack of liquidityLack of liquidity
The Paris-based agency blamed global economic weakness and, in particular, the lack of liquidity in world markets resulting from the current financial crisis, for the drop in demand.The Paris-based agency blamed global economic weakness and, in particular, the lack of liquidity in world markets resulting from the current financial crisis, for the drop in demand.
The impact of this weakness, it said, was being felt most acutely in developed countries, with developing economies showing "a degree of resilience".The impact of this weakness, it said, was being felt most acutely in developed countries, with developing economies showing "a degree of resilience".
"Although non-OECD slowdown is also likely, it is by no means certain that growth will be choked off altogether. We have yet to see unambiguous evidence of a sharp slowdown in China, while Middle Eastern demand growth remains robust," the agency said."Although non-OECD slowdown is also likely, it is by no means certain that growth will be choked off altogether. We have yet to see unambiguous evidence of a sharp slowdown in China, while Middle Eastern demand growth remains robust," the agency said.
Falling demand among developed economies has seen the price of oil fall dramatically from its summer highs. US light crude hit a June high of $147 a barrel.Falling demand among developed economies has seen the price of oil fall dramatically from its summer highs. US light crude hit a June high of $147 a barrel.
Supply linesSupply lines
The IEA said the credit crisis was also hitting supply, as it made it difficult for companies to raise money to invest in the industry.The IEA said the credit crisis was also hitting supply, as it made it difficult for companies to raise money to invest in the industry.
"Credit shortages are rapidly becoming yet another in a long line of impediments to industry investment," the agency said."Credit shortages are rapidly becoming yet another in a long line of impediments to industry investment," the agency said.
Oil producing cartel Opec agreed in September to strict output targets that have so far reduced output by 300,000 barrels a day, "largely due to unplanned outages", according to the IEA.Oil producing cartel Opec agreed in September to strict output targets that have so far reduced output by 300,000 barrels a day, "largely due to unplanned outages", according to the IEA.
Global oil supply fell by 1.1m barrels a day in September.Global oil supply fell by 1.1m barrels a day in September.
However, it is in the interests of Opec to cut supply in order to put upward pressure on the oil price. If supply falls sufficiently, then oil prices will stabilise.However, it is in the interests of Opec to cut supply in order to put upward pressure on the oil price. If supply falls sufficiently, then oil prices will stabilise.
Opec has called an extraordinary meeting on 18 November in Vienna to discuss "the global financial crisis, the world economic situation and the impacts on the oil market."Opec has called an extraordinary meeting on 18 November in Vienna to discuss "the global financial crisis, the world economic situation and the impacts on the oil market."
The Prime Minister said: "I am concerned when I hear that the Opec countries are about the meet to discuss cutting production. I am making it clear to Opec that it would be wrong for the world economy and people paying high prices to cut production and therefore keep prices high."The Prime Minister said: "I am concerned when I hear that the Opec countries are about the meet to discuss cutting production. I am making it clear to Opec that it would be wrong for the world economy and people paying high prices to cut production and therefore keep prices high."