Menu
22/02/2011
Energy Forum Marks Milestone In Efforts
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.
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)
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.
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)
Related UK National News Stories
Click here for the latest headlines.
24 September 2008
EDF To Takeover British Energy
The Government welcomed EDF's proposed £12.5 billion takeover offer for British Energy Group and the British Energy Board's recommendation of the offer to its shareholders. The Government has committed to accept the cash offer of 774p per share for its 36% stake held by the Nuclear Liabilities Fund (NLF), subject to certain conditions.
EDF To Takeover British Energy
The Government welcomed EDF's proposed £12.5 billion takeover offer for British Energy Group and the British Energy Board's recommendation of the offer to its shareholders. The Government has committed to accept the cash offer of 774p per share for its 36% stake held by the Nuclear Liabilities Fund (NLF), subject to certain conditions.
15 November 2013
Green Light For £4bn Investment In 140m Barrel Oil Field Development
EnQuest, the largest UK independent oil company in the UK North Sea, has given its go-ahead for a £4bn investment in the 140m barrel oil field Kraken development.
Green Light For £4bn Investment In 140m Barrel Oil Field Development
EnQuest, the largest UK independent oil company in the UK North Sea, has given its go-ahead for a £4bn investment in the 140m barrel oil field Kraken development.
25 July 2013
Exploratory Oil Drilling In West Sussex Given Go Ahead
Exploratory oil drilling is to begin in West Sussex. The environment agency have issued a waste permit to energy company, Cuadrilla, allowing it to begin work near Balcombe.
Exploratory Oil Drilling In West Sussex Given Go Ahead
Exploratory oil drilling is to begin in West Sussex. The environment agency have issued a waste permit to energy company, Cuadrilla, allowing it to begin work near Balcombe.
18 March 2008
UK Consumer Inflation Increases
UK consumer inflation has hit 2.5%, the highest in nine months, due to a new method of calculating energy bills. The Consumer Prices Index hit 2.5% on an annual basis in February, up 2.2% in January, according to the Office of National Statistics. Core inflation, which excludes oil and food, fell to 1.2% in February, the lowest since August 2006.
UK Consumer Inflation Increases
UK consumer inflation has hit 2.5%, the highest in nine months, due to a new method of calculating energy bills. The Consumer Prices Index hit 2.5% on an annual basis in February, up 2.2% in January, according to the Office of National Statistics. Core inflation, which excludes oil and food, fell to 1.2% in February, the lowest since August 2006.
19 July 2011
Energy Planning Reforms Approved By Parliament
Developers of major energy projects in England and Wales will now have greater certainty on how planning applications will be considered after the Energy National Policy Statements (NPS) were designated. This follows approval in a House of Commons vote last night.
Energy Planning Reforms Approved By Parliament
Developers of major energy projects in England and Wales will now have greater certainty on how planning applications will be considered after the Energy National Policy Statements (NPS) were designated. This follows approval in a House of Commons vote last night.
-
Northern Ireland WeatherThis Evening and Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
