MOSCOW (Sputnik) — The United Kingdom is interested in a strong energy sector as an economic driver for the whole British economy, and consequently in the stabilization of prices on the global oil market, Charles Hendry, a former UK Minister for Energy and Climate Change, told Sputnik on Wednesday.
"Oil consumers have enjoyed low oil prices, that's been good, but ultimately we need strong oil and gas sector because the economic driver which it creates and provides. So for the United Kingdom we have seen both the upside and the downside. … There is a beginning consensus of people [in the United Kingdom] recognizing that action needs to be taken [to stabilize oil market]," Hendry said.
He added, however, that few countries could take steps that would contribute to stability of the global oil market, among them are Saudi Arabia and Russia.
The agreement, which is expected to be finalized on November 30 during OPEC's next meeting in Vienna, was reached against the backdrop of decline in oil prices, which have dropped from some $110 a barrel to the below-$50 mark since mid-2014.
