G8 finance ministers to continue debate on oil prices
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.