G7 calls for increased oil supply, energy efficiency

0 Comments | AFP, February, 2005

LONDON (AFP) — Group of Seven finance ministers and central bank chiefs, in a statement to be issued later Saturday, will call on oil producing countries to increase oil output and consumers to raise energy efficiency, a source close to the matter said.

"We recognise the importance of raising medium term energy supply and energy efficiency," the communique was to say, mirroring a statement given by G7 finance ministers in Washington last October, when they said that high oil prices posed a risk.

The ministers last October called on producers to provide "adequate supplies to ensure that prices moderate" and stressed that consuming nations had to practice energy efficiency.

Crude oil prices soared to a record high level of 55.67 dollars per barrel in New York...