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Archive for Sunday, February 12, 2006

G-8 seeks stable global energy supply

February 12, 2006

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— Finance ministers from the Group of 8 industrialized nations, warning that "high and volatile energy prices" pose a threat to global economic growth, called Saturday for stepped-up efforts to ensure a stable worldwide energy supply.

Hosted by Russian President Vladimir V. Putin in a hotel near the Kremlin, the G-8 finance ministers meeting issued a communique calling for greater cooperation among oil producers, consumers and private industry. Maintenance of solid economic growth requires an improved market-oriented approach to providing sufficient oil, gas and other energy resources, it said.

The communique also praised rapid economic growth in recent years shown by Russia, which holds the G-8 presidency this year, and praised Russian commitments to boost aid to poor countries and to make early payments on its Soviet-era debt to the Paris Club of 19 creditor nations.

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