G8, India, China call for boost in oil production
The Group of Eight rich nations and China, India and South Korea on Sunday said that there was an "urgent need" to boost global oil production after a price spike.
By Agencies |
AOMORI, JAPAN: The Group of Eight rich nations and China, India and South Korea on Sunday said that there was an "urgent need" to boost global oil production after a price spike.
Ministers meeting in Aomori, Japan, said there was an "urgent need for increased and timely investment in the energy sector."
"We affirm the need to maximise investment in our own domestic production and we call on other oil producing countries to increase investment to keep markets well supplied in response to rising world demand," the ministers said in a joint statement.
The meeting came after oil prices on Friday posted their highest ever one-day gain of nearly $11, hitting a new record of $138.54 a barrel in New York trade.
"We share serious concerns over the current level of oil prices," the joint statement said.
"We call for enhanced oil market dialogue and cooperation between producers and consumers," it added.
In a sign they were not pinning all the blame on oil producers, the statement said: "Some factors contributing to the oil market are more structural and longer term in nature, including the growth of global oil demand, particularly in the transportation sector."
Oil prices have soared five-fold since 2003 due to a variety of factors including turbulence in the Middle East and rising demand in emerging economies such as China and India.
Ministers meeting in Aomori, Japan, said there was an "urgent need for increased and timely investment in the energy sector."
"We affirm the need to maximise investment in our own domestic production and we call on other oil producing countries to increase investment to keep markets well supplied in response to rising world demand," the ministers said in a joint statement.
The meeting came after oil prices on Friday posted their highest ever one-day gain of nearly $11, hitting a new record of $138.54 a barrel in New York trade.
"We share serious concerns over the current level of oil prices," the joint statement said.
"We call for enhanced oil market dialogue and cooperation between producers and consumers," it added.
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In a sign they were not pinning all the blame on oil producers, the statement said: "Some factors contributing to the oil market are more structural and longer term in nature, including the growth of global oil demand, particularly in the transportation sector."
Oil prices have soared five-fold since 2003 due to a variety of factors including turbulence in the Middle East and rising demand in emerging economies such as China and India.
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