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UK Calls For "New Deal" With Oil Producers

PM wants "new deal" with producers

The PM has called for a "new deal" of mutual investment between oil producers and consumers in order to reduce global dependence on oil and get the supply and demand relationship "back into balance".

Speaking to the Guardian newspaper, Mr Brown said that he hoped to use this weekend's high-level summit on oil in Jeddah to persuade OPEC countries such as Saudi Arabia to invest in renewable energy development in the UK. The Government has set ambitious targets to increase renewable energy supply by 700%, he said.

The PM said:

"Over the next three years I think we will see large investments in Britain in solar, wind power, wave power, nuclear and in expansion of alternatives to oil. The world is going to have to build 1,000 nuclear power stations.

"...everybody knows that underlying what has happened to the oil price is [that] demand is ahead of supply and you've got to do something about that. Global change is the dominant force in that."

Mr Brown will leave the UK later today to attend the international summit in Saudi Arabia on Sunday afternoon.


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