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PM calls for oil price stability PM calls for oil price stability
(about 6 hours later)
Gordon Brown has said oil-rich Gulf states must play their part in stabilising world oil prices. Gordon Brown has arrived in the Middle East to ask Gulf states to help stabilise oil prices and to contribute to tackling the global economic crisis.
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. Speaking ahead of the visit, he said Gulf states had an interest in a "well functioning economy".
"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. And he said they had an interest in a "stable energy price" not in "massive volatility" that had been seen.
"Their interest too is in a well-functioning global economy," he added. Mr Brown is being joined in Saudi Arabia by Energy Secretary Ed Miliband and Business Secretary Peter Mandelson.
'Begging bowl''Begging bowl'
Mr Brown is expected to stress the nations must maintain their oil production levels to avoid "spikes" in oil prices. The UK prime minister held talks with Saudi ruler King Abdhullah at the King"s Palace in Riyadh.
He was expected to stress the Gulf nations must maintain their oil production levels to avoid "spikes" in oil prices.
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 BrownEverybody 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
Before his departure, he denied he would be going with a "begging bowl" and said the trip would aid British families.Before his departure, he denied he would be going with a "begging bowl" and said the trip would aid British families.
"My main focus is how we can help British families through this downturn, but because these are global problems they require global solutions."My main focus is how we can help British families through this downturn, but because these are global problems they require global solutions.
"The Saudis and other countries in the Gulf states are very important."The Saudis and other countries in the Gulf states are very important.
"They are the countries with oil revenues; they are the countries that need to help.""They are the countries with oil revenues; they are the countries that need to help."
Mr Brown said restoring stability around the world would benefit the wealthy oil-producing countries.Mr Brown said restoring stability around the world would benefit the wealthy oil-producing countries.
"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."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 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.He said the issues included tackling problems preventing banks from lending money, making progress on world trade and reforming the world's financial system.
Gordon Brown explains why he is visiting the Gulf states
"Now if we can do these things we restore confidence into the banking system and into the whole 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.""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. His visit comes amid concerns the International Monetary Fund's $250bn (£155bn) reserves may not be enough for future bail-outs 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.
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.
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.
"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.