Balance, dialogue for energy, London says

RIYADH, Saudi Arabia, June 2 (UPI) -- Dialogue between the OPEC oil cartel and consumer nations is needed as high oil prices threaten to drag on economic recovery, a British minister said in Riyadh.

Social upheaval in the Middle East and North Africa shuttered oil production in some top players of the Organization of the Petroleum Exporting Countries.

Despite recent fluctuations, oil and gasoline prices remain at levels not seen since before the global economic meltdown in 2008.

David Howell, a minister of state of the Foreign and Commonwealth Office, told an audience in Riyadh that energy stability rested on dialogue between producers and consumers.

"Without energy price stability, and therefore predictability of costs, businesses reduce and delay investment, which impedes long-term economic growth and people turn more strongly than ever to alternative energy sources," he said.

OPEC-member Libya was producing around 1.5 million bpd before the war began in February. OPEC isn't likely to raise production levels during the regular meeting later this month, though some major oil producers have raised production unilaterally.

Howell said increased production wasn't the only answer, however.

"A balanced approach to energy consumption is also crucial," he said. "As a finite resource, it is imperative to use oil and gas efficiently and sustainably."