Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE OBSERVERS

'Flying coffins' in Ivory Coast and a rich Maltese couple rescuing migrants

Read more

FOCUS

London now the world's most expensive city

Read more

WEB NEWS

USA: Ebola Halloween costumes spark outrage online

Read more

IN THE PAPERS

Jokowi: 'A new hope' for Indonesia

Read more

IN THE PAPERS

Christophe de Margerie, a jovial and strategic boss

Read more

AFRICA NEWS

Exiled family returns to Somaliland

Read more

DEBATE

Whose boots on the ground? Turkey wary of Syrian Kurds (part 2)

Read more

DEBATE

Whose boots on the ground? Turkey wary of Syrian Kurds

Read more

THE INTERVIEW

Interview: Ebola 'a wake-up call', says World Bank chief

Read more

G8 will pressure OPEC to boost production

Latest update : 2008-06-08

Ministers of the G8 group, convening in Japan, said it is important to curb the rising price of crude oil and agreed to call on oil producing countries to increase oil production.


Energy ministers from the G8 member countries, plus China, India and South Korea, met on Sunday in Aomori, northern Japan to discuss issues, including global warming and soaring crude oil prices.

The three emerging Asian countries were invited to join for the first time to help find solutions.
  
The talks were opened 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.
  
Besides energy security, climate change will also be on the agenda for participating countries, which together release 65 percent of the carbon dioxide emissions blamed for global warming, and guzzle nearly two-thirds of the world energy.
  
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 kilometres (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 dollars to close at a new record of 138.54 dollars in New York after hawkish remarks by an Israeli official on oil producer Iran.
  

Date created : 2008-06-08

COMMENT(S)