The world's biggest oil producers and consumers called on Friday for cooperation to prevent extreme volatility in oil prices and help guarantee future energy supplies, Reuters reported.
Opening a meeting of energy ministers from OPEC and the big consuming nations as well as energy companies, Prime Minister Gordon Brown called for action to reduce huge swings in oil prices that he said had damaged the world economy.
"We will need a new partnership between oil-producing and oil-consuming countries," Brown said. "As with the global financial crisis, this global crisis in our energy markets cannot be solved by one nation or one continent alone."
Brown originally called the meeting in June when oil prices were heading towards an all-time peak of more than $147 a barrel. Prices have dropped more than $100 since then due to the credit crisis and a recession that has shrunk demand for fuel.
Nobuo Tanaka, executive director of the International Energy Agency, said the need for dialogue between oil producers and consumers remained even after oil prices had fallen sharply.
"The price decline ... has provided some welcome respite, a breathing space in these troubled economic times," said Tanaka. "But the need for dialogue remains just as strong."
Saudi Arabian Oil Minister Ali al-Naimi agreed that oil price volatility damaged all countries.
"Instability and volatility in oil markets hurt everyone," he said, stressing that the recent sharp falls in oil prices to very low levels caused "havoc" with investment plans in oil producing countries and jeopardises future oil supplies.