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Brown heads to Gulf for oil talks PM calls for oil price stability
(about 2 hours later)
Gordon Brown has set off on a visit to the oil-rich Gulf for talks on how to improve the global economy. Gordon Brown has said oil-rich Gulf states must play their part in stabilising world oil prices.
The prime minister plans to tell Middle East countries they must play their part in stabilising world oil prices. Speaking ahead of a four-day tour of the region, the prime minister also said they should help countries hit by the global economic crisis.
He is expected to stress on his four-day tour that these nations must maintain their production levels to avoid "spikes" in prices. "Their interest is in a stable energy price, not in the massive volatility we have seen where oil prices have shot up and then come down again", he said.
He has denied he would be going with a "begging bowl" and said the trip would aid British families. "Their interest too is in a well-functioning global economy," he added.
Mr Brown is also expected to insist that the oil-rich nations have a duty to use some of their massive wealth to help ease the impact of the credit crunch. 'Begging bowl'
'Global problems' Mr Brown is expected to stress the nations must maintain their oil production levels to avoid "spikes" in oil prices.
Before his departure, he said: "My main focus is how we can help British families through this downturn, but because these are global problems they require global solutions. Everybody has got a part to play in solving this world downturn and I think the oil-rich states will want to play their part Gordon Brown
"The Saudis and other countries in the Gulf states are very important, they are the countries with great revenues and oil wealth." Before his departure, he denied he would be going with a "begging bowl" and said the trip would aid British families.
He said his plan was for a "greater co-ordination" of policies and hoped the talks would result in the countries working together to deal a variety of situations. "My main focus is how we can help British families through this downturn, but because these are global problems they require global solutions.
He claimed that included tackling problems preventing banks from lending money, making progress on world trade and reforming the world's financial system. "The Saudis and other countries in the Gulf states are very important.
He said: "Now if we can do these things we restore confidence into the banking system and into the whole financial system. "They are the countries with oil revenues; they are the countries that need to help."
"So what starts with negotiations in Saudi Arabia and elsewhere can end with far greater security and safety for families and businesses in Britain."Gordon Brown was accompanied by Ed Miliband on the flight Mr Brown said restoring stability around the world would benefit the wealthy oil-producing countries.
His visit comes amid concerns that the International Monetary Fund's $250bn (£155bn) reserves may not be enough for future bailouts of struggling states. "Everybody has got a part to play in solving this world downturn and I think the oil-rich states will want to play their part," he said.
Gordon Brown was accompanied by Ed Miliband on the flight
He said his plan was for a "greater co-ordination" of policies and hoped the talks would result in the countries working together to deal with a variety of situations.
He said the issues included tackling problems preventing banks from lending money, making progress on world trade and reforming the world's financial system.
"Now if we can do these things we restore confidence into the banking system and into the whole financial system.
"So what starts with negotiations in Saudi Arabia and elsewhere can end with far greater security and safety for families and businesses in Britain."
His visit comes amid concerns the International Monetary Fund's $250bn (£155bn) reserves may not be enough for future bailouts of struggling states.
The fund has already allocated around $30bn (£18.6bn) in emergency loans to Iceland, Hungary and Ukraine, and Pakistan has signalled it may apply for aid within the next fortnight.The fund has already allocated around $30bn (£18.6bn) in emergency loans to Iceland, Hungary and Ukraine, and Pakistan has signalled it may apply for aid within the next fortnight.
In contrast, members of the oil producers' cartel Opec, are estimated to have more than $500bn (£311bn) in foreign exchange reserves.In contrast, members of the oil producers' cartel Opec, are estimated to have more than $500bn (£311bn) in foreign exchange reserves.
Mr Brown said: "Everybody has got a part to play in solving the world downturn. I think the oil-rich states will want to play their part."
The growing importance of Middle East capital was highlighted on Friday when it emerged British bank Barclays raised £7.3bn from investors in the region to shore up its position.The growing importance of Middle East capital was highlighted on Friday when it emerged British bank Barclays raised £7.3bn from investors in the region to shore up its position.
'Significant wealth''Significant wealth'
Mr Brown flew to the Middle East with energy and climate change secretary Ed Miliband.Mr Brown flew to the Middle East with energy and climate change secretary Ed Miliband.
Business secretary Lord Mandelson and a delegation of senior executives from British firms are expected to join the pair later.Business secretary Lord Mandelson and a delegation of senior executives from British firms are expected to join the pair later.
A Downing Street spokesman said the prime minister was also expected to urge the Gulf states to invest in renewable energy sources "over the longer term".A Downing Street spokesman said the prime minister was also expected to urge the Gulf states to invest in renewable energy sources "over the longer term".
But he denied the West was going "cap-in-hand" to the Middle East in a bid to shore up the IMF reserves.But he denied the West was going "cap-in-hand" to the Middle East in a bid to shore up the IMF reserves.
"It's recognising that it's in everyone's interests that there is stability and growth in the markets and that's equally in the interests of states in the Gulf region," he said."It's recognising that it's in everyone's interests that there is stability and growth in the markets and that's equally in the interests of states in the Gulf region," he said.
"The Gulf states are in a position as states with significant wealth, significant resources that they can contribute to the refinancing and stability of the financial system.""The Gulf states are in a position as states with significant wealth, significant resources that they can contribute to the refinancing and stability of the financial system."
The visit is understood to be part of the preparations for a summit on forging new international financial rules, to be held in the US on 15 November.The visit is understood to be part of the preparations for a summit on forging new international financial rules, to be held in the US on 15 November.