Jeddah - British Prime Minister Gordon Brown called Sunday on oil producers at a global summit held in the Saudi port of Jeddah to invest some 197 billion dollars in developing alternative energy supplies and pressed for an increase in oil production to help bring down prices. Addressing the summit, which was convened by Saudi Arabia to discuss soaring oil prices, Brown announced a four-point plan to create a "more balanced energy market."
Brown's plan calls for action to increase efficiency of international oil markets in order to reduce volatility of oil prices.
"Whenever there are shortages and gaps, they are addressed," he explained.
Under the plan, an efficient use of the world's existing oil reserves is sought and the switch to alternatives sources of energy would be accelerated.
Brown also wants Saudi Arabia and other oil producers to invest some of an estimated 3 trillion dollars they have earned out of the recent oil price surge into new nuclear technology.
Echoing other consumers, such as the US, Brown called for an oil output boost to curb price upward movement.
