Energy ministers of advanced nations expressed “serious concerns” about soaring oil prices and urged producers to lift production through greater investment and provide more transparency on oil supply data.
A joint communiqué by the Group of Eight ministers, also signed by China, India and South Korea, stopped short of the tough language demanded by Kevin Rudd, Australia’s prime minister. He urged G8 leaders to “apply the blowtorch to Opec”, which he blamed for the rise in crude oil prices to a record $138.54, after a $10.75 jump on the New York Mercantile Exchange on Friday.
Ministers meeting in Aomori, northern Japan, said: “Current high oil prices are unprecedented and against the interest of either consuming or producing nations.”
The producers among the G8 said they would seek to raise production and called on “other producing countries to increase investment to keep markets well supplied”.