Speaking at the International Energy Forum (IEF) ministerial meeting in Saudi Arabia today,

UK Energy Minister Charles Hendry highlighted the importance of international efforts to stabilise the cost of energy sources.

Minister Hendry said: "Current oil prices underline the fundamental importance of international collaboration to enhance oil price stability.

“Today's discussions are an important milestone in our efforts to improve the functioning of energy markets, and demonstrate the firm commitment of OPEC, IEA, oil producers and consumers to act together on this hugely important agenda.

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He added: “It is important that those countries that are capable of doing so respond to market imbalance by increasing production, so increased demand can be met at prices that will not damage world economic growth. I therefore welcome the comments from IEA and OPEC that they are ready to work to increase oil supply as this is needed.

The UK Energy Minister concluded: “The high level of the oil price is also a reminder of the importance of the UK's domestic agenda of shifting away from the oil hook and onto secure low carbon sources of energy in the long run.”

The IEF brings together nearly 90 of the world's largest oil and gas consuming and producing countries, OPEC and IEA, to promote stable and transparent energy markets. At the meeting today, UK Energy Minister Charles Hendry chaired a session examining drivers of volatility.

(BMcN/GK)