Fin24

Cable confirms talks on oil reserves

2012-03-23 17:35

London - A British cabinet minister has confirmed that talks are continuing with US officials about possible release of oil from their stockpiles.

Vince Cable, Britain's business secretary, acknowledged during an appearance before the Federation of Small Businesses that the talks were being held.

Cable said: "There have been moves in the last few weeks, which are coordinated with the Americans and others, to release some of that stuff into the market to keep prices down."

Prime Minister David Cameron and US President Barack Obama reportedly discussed releasing some oil from stockpiles when Cameron was in Washington earlier this month.