Other factors have also contributed to the fluctuation in cost, such as the political unrest in Libya - which caused a rise to $115 - and the nuclear disaster in Japan, which a boss at Shell warned would tighten the liquefied natural gas market in Europe.
Mr Huhne asserted that sourcing fossil fuel is not an issue, saying: "International energy markets should understand that the current price of oil does not reflect the realities of supply and demand."
Today (April 6th) and tomorrow, he will be in the United Arab Emirates city of Abu Dhabi to attend the Clean Energy Ministerial.
Posted by Richard Eden
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