Brown hopeful of oil price fal

PRIME Minister Gordon Brown yesterday held out the prospect of a fall in the cost of oil after a global summit in Saudi Arabia, at which he said major producing countries accepted for the first time that prices are too high.

Mr Brown declined to predict what level prices would reach at the pump, but said agreement had been secured with members of the Opec cartel that record crude prices of almost EUR140 a barrel were causing damage and investment was needed to increase supply.

The Fendi Bags Replica Prime Minister came to the Jeddah summit with an offer to open Britain's energy markets to oil-rich states, urging them to reinvest some of the EUR3 trillion of additional revenue from the current oil shock in UK energy production, including wind, solar and a new wave of nuclear power stations.

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He revealed that Government plans, to be published in the coming week, will put a price tag of pounds 100bn for the UK to meet its share of an EU target to generate 20% of energy from renewables by 2020, much of which could come from the sovereign wealth funds of oil-rich Gulf states.

Speaking to reporters ahead of his address to ministers from 35 major oil-producing and consuming economies, Mr Brown said: "The reason I am here is that I am worried about the petrol price, I'm worried about gas and electricity bills, I'm worried about how millions of people are being affected in their standard of living."

Mr Brown said Britain had entered into commitments with Saudi Arabia to develop environment-friendly carbon capture and storage technology; with Qatar to explore the possibility of a new joint energy fund; and with the United Arab Emirates to work on opportunities in nuclear energy.

A decision on pounds 800m of Norwegian investment in the Scira windfarm project off the UK coast is expected soon.

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And he proposed an international conference in London this autumn to follow up on yesterday's event.

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