Brown seeks Gulf money

British Prime Minister Gordon Brown Sunday asked Gulf States to put more money in the global financial system to support countries affected by the financial crisis.

• “The Gulf States will have a vital role to play in agreeing the plans to get the world economy moving again,” Brown told reporters before arriving in Riyadh.
• The British PM is pressing the Gulf States to prevent an other oil production cut expected in the next Opec emergency meeting.
• Opec member countries are due to meet in December 17th in Oran-Algeria to deal with oil prices slump in the international market.
• On the other hand, OPEC President Chakib Khelil Sunday said members have no choice but to implement agreed output cuts.
• “I informed customers of the reductions if they want a stable oil price between $70-$90 a barrel,” he said.
• Chakib Khelil, who is also Algeria’s Energy Minister said Saudi Arabia is key to the success of the reductions.
• He believes that the oil price can be affected if the world’s biggest oil exporter takes its time over the operation.
• Speaking on Brown’s visit, Khelil said everything depends on the impact on the decision of Saudi Arabia. “Therefore, if it slows the cut, or does not do it, then of course there will be an impact on the oil price,” he stressed.