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| Brown warns on volatile oil price | Brown warns on volatile oil price |
| (10 minutes later) | |
| Volatile oil prices remain a threat to the global economy, Gordon Brown has warned, following the sharp fall in prices in recent months. | Volatile oil prices remain a threat to the global economy, Gordon Brown has warned, following the sharp fall in prices in recent months. |
| Mr Brown is addressing a meeting of energy ministers in London arranged this summer at a time when oil prices had soared to near $150 a barrel. | Mr Brown is addressing a meeting of energy ministers in London arranged this summer at a time when oil prices had soared to near $150 a barrel. |
| The economic downturn has since pushed prices back down to below $40. | The economic downturn has since pushed prices back down to below $40. |
| Mr Brown said the "wild fluctuations" in oil prices seen in recent months were damaging to the global economy. | |
| He said the high prices of recent years had stoked inflation and forced governments to keep interest rates much higher than would have otherwise been the case, holding back growth. | |
| "It is clear that our most pressing challenge is price volatility," he said. "Wild fluctuations in prices harm nations all around the world." | |
| Mr Brown also proposed measures to increase the transparency and regulation of international oil markets. | |
| 'Less volatility' | 'Less volatility' |
| Mr Brown offered to stage the meeting earlier in the year when prices were seen to be at critically high levels close to $150 a barrel. | Mr Brown offered to stage the meeting earlier in the year when prices were seen to be at critically high levels close to $150 a barrel. |
| All of us have an interest in less volatile oil markets that function more effectively Ed Miliband | All of us have an interest in less volatile oil markets that function more effectively Ed Miliband |
| The meeting is a follow-up to June's gathering of oil ministers in Saudi Arabia which Mr Brown also attended. | The meeting is a follow-up to June's gathering of oil ministers in Saudi Arabia which Mr Brown also attended. |
| Conditions in the global economy have changed dramatically since then, however, forcing oil producers group Opec to cut production levels in an effort to stabilise prices | Conditions in the global economy have changed dramatically since then, however, forcing oil producers group Opec to cut production levels in an effort to stabilise prices |
| Despite the recent price fall, Mr Brown said there was still a threat of them rising sharply again once the economy recovers and it was in everyone's interest to have a more stable price. | |
| Experts are concerned that falling prices, combined with the economic downturn, will discourage oil companies from investing in new sources of oil needed to meet future demand. | Experts are concerned that falling prices, combined with the economic downturn, will discourage oil companies from investing in new sources of oil needed to meet future demand. |
| Some believe prices could still top $200 a barrel in the long term. | Some believe prices could still top $200 a barrel in the long term. |
| Much of the focus of the meeting is on clean energy, particularly developing new technology to reduce carbon emissions. | |
| Mr Brown urged the wealthy oil-producing Gulf nations to invest more in areas such as carbon capture and storage, calling for a "new partnership" between oil producers and consumers. | |