Cable confirms meeting with US officials to discuss oil stockpiles

A British cabinet minister has confirmed that talks with US officials were on about possible release of oil from their stockpiles.

Britain's business secretary, Vince Cable, acknowledged at a meeting of the Federation of Small Businesses that the talks were in progress.

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 are supposed to have discussed release of some oil from stockpiles during Cameron's visit Washington earlier this month.

Business secretary Vince Cable reiterated that Britain was in talks with the US and other nations over a coordinated release of strategic oil reserves to rein in prices.

''The government has a stockpile of oil for emergencies,'' Cable said.