Oil talks: UK meets Saudi to discuss price

Published:  11 April, 2011

UK and Saudi Arabia energy ministers are meeting to discuss the rising cost of oil and international business opportunities.

UK and Saudi Arabia energy ministers are meeting to discuss the rising cost of oil, urging international energy markets to understand that prices do not reflect supply and demand.

Chris Huhne travelled to the Middle East to meet with Saudi Oil Minister Ali Ibrahim Al-Naimi last week.

According to reports, there is enough supply to meet consumer demand globally, however, following political conflicts in Libya, prices have risen from $100 a barrel to $115.

Energy & Climate Change Secretary Huhne said: With oil prices at more than $115 a barrel there could be no more important time to be in Saudi Arabia, whose response to events in recent months has been crucial for keeping the market supplied to meet global demand."

Huhne also visited Riyadh to meet with Dr Hashim Yamani, head of the King Abdullah City for Atomic & Renewable Energy to discuss how British companies can assist Saudi Arabia as it develops its renewable energy sector.

This week, Huhne will visit Abu Dhabi for the second Clean Energy Ministerial.

The development comes as it has been revealed that investment in renewable energy in the UK has fallen, ranking the country 13th of the G20 nations.

Research by the Pew Charitable Trusts shows that £2 billion was invested in the UK in the last year, compared to £6.7 billion in 2009.