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Pressure Opec to bring down oil price - Brown

By unknown | May 05, 2008 | COMMENTS [ 0 ]

Adrian Croft

Adrian Croft

LONDON - British Prime Minister Gordon Brown, pictured, has called for international pressure on oil producers group Opec to bring oil prices down.

"Clearly oil prices are very high. Clearly also there needs to be some international effort with Opec to get the oil price down," he said in an interview with Sky News.

Brown also said it was a matter for Finance Minister Alistair Darling whether a two pence a litre fuel duty rise, postponed from April to October, could be delayed further.

His comments on Opec were among the strongest he has made on the need for action by oil producers to reduce crude prices, which have fallen back slightly after hitting a record near $120 a barrel last month.

They coincided with remarks by a senior Iranian oil official that oil prices might remain high until the end of the year and were not the result of a shortage of crude in the market.

Brown said demand for oil was lower because of lower growth in Europe and the US and lower growth in China than had been predicted at the start of the year.

"We've got to look very carefully at what is happening in Opec," he said.

Hojjatollah Ghanimifard, international affairs director of the National Iranian Oil Company, said in Tehran yesterday high oil prices were not caused by a supply shortage. - Reuters


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