Italy's Prime Minister Silvio Berlusconi said oil consuming countries should meet to fix a maximum price they are prepared to pay for oil or they would have to invest heavily in nuclear power, several Italian newspapers report Monday.
Berlusconi made his proposal at a summit of E.U. and Mediterranean leaders in Paris Sunday.
"Consumer countries need to meet as soon as possible, maybe in London, to reach an agreement on a maximum price for oil which cannot be breached," Berlusconi said, according to reports.
Berlusconi said his proposal for a meeting had the approval of U.K. Prime Minister Gordon Brown.