PM in plea over Saudi oil profits

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The Prime Minister flies out to Jeddah determined to secure a "new deal" between oil producers and consumers in the West.

He wants firms in the Middle East to use part of their three trillion dollar profits from the latest "oil shock" to help reduce Britain's reliance on fossil fuels.

His efforts come as the Government is seeking to enlarge the UK's network of nuclear power stations and dramatically increase the use of wind and tidal energy.

Mr Brown is also facing public anger over the cripplingly high price of fuel, largely due to the cost of Opec oil.

After discussing the issue with fellow EU leaders in Brussels on Friday, he said he would appeal to oil producers to invest their profits in the more stable market of renewables.

He also wants Britain and other western countries to be given more opportunity to invest in oil in Opec countries, which have long held massive sway over international markets via their control of oil prices.

In an interview with The Guardian on Saturday, Mr Brown said: "I am going to Saudi to see if we can get a new deal between oil producers and the consumers where oil producers will invest in countries like ours, and oil consumers like us with good companies with good technology and skills can invest in the oil-producing countries.

"Where we can make credible commitments and the world can see we will reduce our dependence on oil and we will get demand and supply back into balance."