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                                                                                                 Koji Sasahara/Associated Press
Japan's Economy, Trade and Industry Minister, Akira Amari, right, speaks as Samuel
Bodman, U.S. Secretary of Energy, center, and France's Minister of Ecology, Sustainable
Development and Town and Country Planning, Jean-Louis Borloo, look on. (AP)

G8 Countries Discuss Energy Prices

June 11, 2008 01:26 PM
by findingDulcinea Staff
Energy ministers of the top oil-consuming nations gathered over the weekend and pledged to end record-high oil prices.

30-Second Summary

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Energy ministers from the Group of Eight countries plus China, India and South Korea agreed to speed up investment in new energy technologies and to increase efficiency, according to energy publication OilVoice.

The ministers released a joint statement over the weekend at their meeting in Aomori, Japan, calling for oil producers to increase their output and for more cooperation between buyers and producers, reported the New Zealand Herald. The countries also discussed how to diversify energy sources to stem rising demand for oil and to address the problem of global warming.

The Group of Eight international forum consists of Great Britain, the United States, Japan, Germany, France, Italy, Canada and Russia. The 11 nations at the meeting accounted for 65 percent of the world’s energy expenditure. During the meeting, the price of oil rose 8 percent to $138.54 at the New York Mercantile Exchange.

Saudi Arabia, the world’s biggest oil exporter, said on Monday that it wanted to convene a summit of oil producers and users on “how to objectively deal” with high prices, and Kuwait has backed the idea, according to Australian publication The Age.

On Tuesday, the International Energy Agency lowered its forecast for global oil demand and predicted that demand in 2008 would grow by 0.9 percent; down from an earlier forecast of 1.2 percent.

Headline Links: ‘G8 Countries Meet to Discuss Oil Skyrocketing Price’

Related Topics: Oil market analysis, proposals

Reference: Statements from G8 Energy Ministerial Meetings

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