There will always be some price volatility as supply and demand take account of different global circumstances. This is unavoidable, and demonstrates that the market is functioning as it should. To help achieve greater price stability, we need to ensure that the market functions even more efficiently. We very much hope that the discussions at this meeting, building on the recent work of the IEA, will bring early progress on this important issue. If it can improve the functioning of the oil market, we all stand to gain.
Issues relating to the oil market and energy security pose important challenges to all governments.
One of the most important is the challenge to protect the global environment. It is clear that we are already emitting greenhouse gases at an unsustainable rate, and global emissions are projected to grow further. Any longer-term strategy must address this. We have begun to take steps in this, and we will need to do significantly more. But I would stress that our immediate objectives are not inconsistent.