Australian PM calls for OPEC to increase output
Australian Prime Minister Kevin Rudd today said the world's richest nations must pressure oil-producing countries to increase output to deal with spiralling oil prices.
By Agencies |
KYOTO: Australian Prime Minister Kevin Rudd today said the world's richest nations must pressure oil-producing countries to increase output to deal with spiralling oil prices.
On a visit to Japan, he said he would speak with his Japanese counterpart Yasuo Fukuda about the need for the Group of Eight rich nations to press the Organisation of Petroleum Exporting Countries (OPEC) to boost supply.
"We need a clear statement from world's major economies to the OPEC producers that they lift their production quota now," Rudd told reporters in the western city of Kyoto.
His remarks came after oil prices on Friday rocketed the most ever in a single day to nearly USD 139 on concerns over global economy and supply, although prices eased slightly today.
"There is an imbalance between supply and demand that is putting upwards pressure on oil prices," Rudd told reporters in Kyoto.
The Group of Eight's energy ministers yesterday called for a boost in output. Rudd said that oil prices should be "on top of the agenda" when the G8 holds its summit next month in the northern Japanese resort town of Toyako.
Rudd also urged industrialised nations to increase investment in energy-efficient technologies in developing countries including China and India that are growing contributors to global warming.
"There must be a parallel emphasis at G8 on energy efficiency and fuel-efficient technologies in the developing world," he said.
"China and India are projected to represent one-half of the prospected global increase in oil demand. Therefore energy efficiency in these countries is of direct consequence to us," he added.
On a visit to Japan, he said he would speak with his Japanese counterpart Yasuo Fukuda about the need for the Group of Eight rich nations to press the Organisation of Petroleum Exporting Countries (OPEC) to boost supply.
"We need a clear statement from world's major economies to the OPEC producers that they lift their production quota now," Rudd told reporters in the western city of Kyoto.
His remarks came after oil prices on Friday rocketed the most ever in a single day to nearly USD 139 on concerns over global economy and supply, although prices eased slightly today.
"There is an imbalance between supply and demand that is putting upwards pressure on oil prices," Rudd told reporters in Kyoto.
The Group of Eight's energy ministers yesterday called for a boost in output. Rudd said that oil prices should be "on top of the agenda" when the G8 holds its summit next month in the northern Japanese resort town of Toyako.
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Rudd also urged industrialised nations to increase investment in energy-efficient technologies in developing countries including China and India that are growing contributors to global warming.
"There must be a parallel emphasis at G8 on energy efficiency and fuel-efficient technologies in the developing world," he said.
"China and India are projected to represent one-half of the prospected global increase in oil demand. Therefore energy efficiency in these countries is of direct consequence to us," he added.
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