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The Group of Seven finance ministers on Friday called on oil-producing nations to increase output and important oil consumer nations to increase energy efficiency to prevent the soaring oil prices from threatening global economic growth.
"Global economic growth is strong and the outlook for 2005 remains favorable. Inflation and inflation expectations remain low in our economies. However, this is not the time for complacency. Growth is higher in some regions than in others; imbalances persist. Oil prices remain high and are a risk," the G7 finance ministers said in a closing communiqué after hours of talks in Washington.
"So first, we call on oil producers to provide adequate supplies to ensure that prices moderate," the communiqué said. "Second, it is important consumer nations increase energy efficiency."
The communiqué also called on the International Energy Agency to "enhance its work on oil data transparency."
Finance ministers of the G7, consisting of the United States, Britain, Canada, France, Germany, Italy and Japan, met ahead of weekend meetings of the International Monetary Fund and World Bank.
(Xinhua News Agency October 2, 2004)
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