G8 meeting with India, China, SKorea amid oil worries
The Group of Eight (G8) industrial powers were meeting with India, China and South Korea in northern Japan on Sunday amid deepening worries over record oil prices.
By Agencies |
AOMORI: The Group of Eight (G8) industrial powers were meeting with India, China and South Korea in northern Japan on Sunday amid deepening worries over record oil prices.
Energy ministers from the G8 opened talks here in Aomori a day after United States and Asia's four largest powers voiced "serious concerns" that the global economy was under threat.
Japan's energy minister Akira Amari, who said Saturday that rising oil prices were "a major risk factor" for the world economy, was to chair the meeting.
The G8 energy ministers, with Germany represented by an administrative secretary, were holding an one-hour meeting, followed by wider talks with countries including China, India and South Korea.
The total of 11 nations involved in Sunday's discussions guzzle nearly two-thirds of the world energy.
Besides energy security, climate change will also be on the agenda for participating countries, which together release 65 per cent of the carbon dioxide emissions blamed for global warming.
Climate concern will be a priority when leaders of the G8 hold a major summit from July 7 to 9 in Japan's northern resort of Toyako.
The 11 nations are on Sunday also expected to discuss an initiative for international cooperation on energy saving and developing clean energy, including setting up energy-saving plans by individual countries.
Japan, Europe and the United States have been discussing creating a framework for exchanging information on energy-saving practices.
The weekend talks in Aomori, a hub of Japan's nuclear energy industry 600 km (370 miles) north of Tokyo, came just after the single biggest one-day hike in oil prices.
Oil prices, which have soared five-fold since 2003, posted their highest ever one-day gain of $10.75 to close at a new record of $138.54 in New York after hawkish remarks by an Israeli official on oil producer Iran.
The G8 groups Britain, Canada, Italy, Japan, France, Germany, Russia and the United States.
Energy ministers from the G8 opened talks here in Aomori a day after United States and Asia's four largest powers voiced "serious concerns" that the global economy was under threat.
Japan's energy minister Akira Amari, who said Saturday that rising oil prices were "a major risk factor" for the world economy, was to chair the meeting.
The G8 energy ministers, with Germany represented by an administrative secretary, were holding an one-hour meeting, followed by wider talks with countries including China, India and South Korea.
The total of 11 nations involved in Sunday's discussions guzzle nearly two-thirds of the world energy.
Besides energy security, climate change will also be on the agenda for participating countries, which together release 65 per cent of the carbon dioxide emissions blamed for global warming.
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Climate concern will be a priority when leaders of the G8 hold a major summit from July 7 to 9 in Japan's northern resort of Toyako.
The 11 nations are on Sunday also expected to discuss an initiative for international cooperation on energy saving and developing clean energy, including setting up energy-saving plans by individual countries.
Japan, Europe and the United States have been discussing creating a framework for exchanging information on energy-saving practices.
The weekend talks in Aomori, a hub of Japan's nuclear energy industry 600 km (370 miles) north of Tokyo, came just after the single biggest one-day hike in oil prices.
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Oil prices, which have soared five-fold since 2003, posted their highest ever one-day gain of $10.75 to close at a new record of $138.54 in New York after hawkish remarks by an Israeli official on oil producer Iran.
The G8 groups Britain, Canada, Italy, Japan, France, Germany, Russia and the United States.
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