G8 piles pressure on Iran; vows 'timely' supplies to oil markets

CAMP DAVID: Piling up pressure on Iran, the leaders of the world's eight most powerful economies have asked it to swiftly address all outstanding issues related to its nuclear programme and vowed to ensure that crude markets are "fully and timely" supplied despite oil embargo on Tehran.

In its "Camp David Declaration", the G-8 grouping also supported Kofi Annan's settlement plan for Syria and cautioned North Korea against further provocations, besides pledging to take steps to mitigate economic impact of Afghan transition and stressing that Greece, which is battling a crippling debt crisis, should remain in the Eurozone.

As Iran faced sanctions, the G-8 leaders said increasing disruptions in the global oil supplies "pose a substantial risk" to the world economy.

"Looking ahead to the likelihood of further disruptions in oil sales and the expected increased demand over the coming months, we are monitoring the situation closely and stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied," the joint declaration said.

At the end of a series of brain-storming sessions that began with a dinner in this US presidential retreat on Friday night, the G-8 expressed "grave concern" over Iran's nuclear programme and urged Tehran to meet the requirements of International Atomic Energy Agency's (IAEA) Board of Governors in this regard.

"We also call on Iran to address without delay all outstanding issues related to its nuclear programme, including questions concerning possible military dimensions," the declaration said, adding that the G-8 countries desire a peaceful and negotiated solution to concerns over Iran's nuclear programme, and therefore remain committed to a dual-track approach.