Ministers meet for oil price summit

International oil and energy ministers are gathering for talks in London, with oil trading at less than 40 dollars a barrel despite the announcement this week of another big cut in production by Opec.

The meeting was originally planned during the summer when oil surged to more than 140 dollars a barrel. Since then the international credit crunch and the collapse in economic confidence has seen prices plummet.

Nevertheless, Mr Miliband, who is hosting the talks, said it was still important to continue the dialogue between oil producer and consumer nations which began last June in Jeddah in Saudi Arabia.

Ministers are anxious to ensure that prices do not spike upwards again when the global economy recovers and demand for oil picks up.

Prime Minister Gordon Brown, who will deliver the opening address, has been anxious to secure backing from the wealthy oil producers of the Middle East for investment in new, low-carbon, "green" technologies which will ease pressure on the demand for oil as confidence returns.

"All of us have an interest in less volatile oil markets that function more effectively," Mr Miliband said in a statement ahead of the talks.

"British consumers and businesses have been hurt by the sharp rise in prices which took place earlier in the year. We have a duty to do all we can to prevent such price spikes in the future.

"That is why it is right to continue the dialogue started in Jeddah and I hope that we can agree a series of steps to promote transparency in the oil market and improve its effectiveness as a route to greater stability.

"We will also be discussing low emissions technology, like carbon capture and storage, which has such importance for our future needs and those of other countries."