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G8 finance ministers to continue debate on oil prices

01.01.70

MOSCOW. June 6 (Interfax) - The finance ministers of the G8 countries at their meeting in St. Petersburg on June 9-10 will continue discussing high oil prices and their impact on the world economy in the context of energy security, Russian Deputy Finance Minister Sergei Storchak told Interfax.

"The finance ministers will also discuss the development of market mechanisms aimed at increasing fuel supplies, the diversification of energy sources and greater efficiency of their use," he said. Russia's effective use of the revenues generated by high oil prices will also be discussed, he said.

"We will continue the debate that started a year ago when it became evident that the unpredictable market situation is directly connected with certain legislative restrictions in a number of countries," Storchak said. He added that one country - which he did not name - has restricted the construction of oil refineries. "There are countries that have not commissioned new capacity for 20-25 years. It is quite possible that at the upcoming meeting ministers will say how the issue is being tackled," he added.

Storchak said that the ministers will also consider the financial aspects of the summit agenda.

Expert opinion

Halter Marek

02.12.06

Halter Marek
Le College de France
Olivier Giscard dEstaing

02.12.06

Olivier Giscard dEstaing
COPAM, France
Mika Ohbayashi

02.12.06

Mika Ohbayashi
Institute for Sustainable Energy Poliy
Bill Pace

02.12.06

Bill Pace
World Federalist Movement - Institute for Global Policy
Peter I. Hajnal

01.12.06

Peter I. Hajnal
Toronto University, G8 Research Group