G-8 Leaders to Express Strong Concern Over Soaring Crude Oil Prices

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At the summit, the leaders will discuss how to simultaneously copewith the ongoing global economic slowdown, prompted by the U.S.subprime mortgage loan crisis, and inflation stemming from high oiland other commodity prices.
The leaders will ask oil-producing countries to increase output andenhance refining capacity, while calling for additional efforts tocurb oil consumption through greater use of energy-savingtechnologies and alternative energy sources.
As specific measures to make crude oil trading more transparent,the leaders will vow to improve data on oil stockpiles and demandin major consumer countries and consider requesting producercountries to unveil medium-term investment plans.
The statement will note the importance of adjusting the supply-demand balance through market mechanisms, and urge countries thatuse subsidies to stabilize domestic oil prices to change thepolicy.
On the financial aspects of the oil issue, the statement will voiceexpectations for analysis by international organizations includingthe International Monetary Fund on the reasons for crude oil'srecord-breaking surge. The G-8 leaders will also welcome U.S.efforts to monitor oil market activities.END
(c) 2008 Jiji Press English News Service. Provided by ProQuestInformation and Learning. All rights Reserved.

Source: Jiji Press English News Service
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