G8 Concerns

Tokyo, July 4 (Jiji Press)--The top leaders of the Group of Eight major countries will express strong concerns over skyrocketing crude oil prices at their annual meeting in Hokkaido next week, Jiji Press learned on Friday.
In a statement to be adopted at the three-day summit from Monday, the eight leaders will use powerful language similar to the "serious concerns" voiced by G-8 energy ministers at their meeting last month.
The G-8 leaders will call for greater transparency in the crude oil market through stepped-up information disclosure and clarify their support for moves by market regulators to enhance their monitoring of speculative activities.
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At the summit, the leaders will discuss how to simultaneously cope with the ongoing global economic slowdown, prompted by the U.S. subprime mortgage loan crisis, and inflation stemming from high oil and other commodity prices.
The leaders will ask oil-producing countries to increase output and enhance refining capacity, while calling for additional efforts to curb oil consumption through greater use of energy-saving technologies 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 demand in major consumer countries and consider requesting producer countries to unveil medium-term investment plans.
The statement will note the importance of adjusting the supply- demand balance through market mechanisms, and urge countries that use subsidies to stabilize domestic oil prices to change the policy.
On the financial aspects of the oil issue, the statement will voice expectations for analysis by international organizations including the International Monetary Fund on the reasons for crude oil's record-breaking surge. The G-8 leaders will also welcome U.S. efforts to monitor oil market activities.END
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