UAE: Brown says U.S. should continue to lead efforts to overcome the global financial crisis

Record ID: 343489

  • Title: UAE: Brown says U.S. should continue to lead efforts to overcome the global financial crisis
  • Date: 6th November 2008
  • Summary: (MER-1)ABU DHABI, UNITED ARAB EMIRATES (NOVEMBER 4, 2008) (REUTERS) ABU DHABI INTERNATIONAL PETROLEUM EXHIBITION AND CONFERENCE HALLS STALL OF ABU DHABI PETROLEUM CORPORATION ADNOC SIGN READING ''REAL ENERGY SOLUTIONS FOR THE REAL WORLD'' / SHELL LOGO FORMULA 1 RACING CAR / SHELL LOGO BRITISH PETROLEUM LOGO BP SPONSORED RALLY CAR HALLIBURTON PAVILION / VARIOUS OF TOTAL PAV
  • Embargoed: 21st November 2008 12:00
  • Keywords:
  • Topics: International Relations
  • Reuters ID: LVA8VIFWNJMIVAAIRJ0UDP4TL68Z
  • Story Text: The United States needs to continue to lead efforts to overcome the global financial crisis, British Prime Minister Gordon Brown says at an oil conference in Abu Dhabi.
    The United States must continue to spearhead efforts to overcome the global financial crisis, Prime Minister Gordon Brown said on Monday (November 3), a day before the world's biggest economy votes for a new president.
    Brown was speaking at the International Exhibition and Petroleum Conference in Abu Dhabi.
    ''The next stage of globalisation will require even more international cooperation with American leadership central to its success. And in the coming weeks and months, the whole world will want to work closely with America on a shared common agenda to bring growth and jobs back to our economies, to bring greater stability to our financial system, to defeat protectionism in favour of free trade and of course to work for a more secure world. And here, in the Middle East to work for peace,'' Brown said during an address to the conference.
    The British Prime Minister said world trade was slowing more than expected and said richer states who are willing to give money to the International Monetary Fund to help vulnerable economies through the credit crisis should have a greater say in how it is run.
    Washington is due to host a global summit on November 15 -- by which time either Democrat Barack Obama or Republican John McCain will have been elected the next U.S. President. That meeting has been billed as a chance to reform international institutions and to build a consensus on how to shore up the financial system and prevent a severe downturn.
    Brown, visiting the Gulf States, has called on the world's largest oil exporter Saudi Arabia, China and other relatively wealthy states to help raise hundreds of billions of dollars for a new IMF facility to stabilise struggling economies.
    He has proposed a five-pillar plan for the November 15 meeting -- stronger banks and more lending, restoring confidence in the financial system, better co-ordination of fiscal and monetary policy, more cash for the IMF, and free trade.
    UAE Oil Minister Mohammed Hamli appealed for continued investment in the petroleum and natural gas market in his region, despite recent events in the petroleum industry.
    ''In spite of the recent events in the petroleum markets, I would like to confirm the importance of the continuation of investments in the petroleum industry and the natural gas market in the region,'' Hamli said.
    British Petroleum (BP) Chief Executive Tony Hayward said an economic slowdown and recession had played a significant role in the decline of U.S.oil consumption over the first nine months of 2008 by more than one million barrels a day, the largest fall since 1980/1982.
    He highlighted the fact that, according to BP's preliminary data, U.S.
    oil consumption, had actually fallen by more than 2 million barrels a day over past four weeks.
    Hayward said oil prices were falling because of reduced demand not because oil supplies or increased energy efficiency.
    ''Over the first nine months of this year, U.S. oil consumption declined by more than one million barrels a day, the largest fall since 1980/1982. According to our preliminary data, it actually fell by more than 2 million barrels a day over the last four weeks. Clearly, the economic slowdown and recession fears played a significant role in accelerating that decline. So prices are falling, but they're falling for the wrong reasons - because of reduced demand, a consequence of reduced economic activity. Not because we have increased supply or increased energy efficiency,'' Hayward told conference delegates.
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