Sunday February 12, 2006

G8 finance ministers warn of energy threat to world economy

channelnewsasia.com :

Group of Eight finance chiefs wrapped up "stormy" talks at a hotel near Red Square, warning that wild energy prices threaten prospects for solid world economic growth in 2006. "Risks remain, including high and volatile energy prices," the major economic powers warned.

Oil prices and energy security dominated Russia's first hosting of G8 policymakers from Britain, Canada, France, Germany, Italy, Japan and the United States. High oil and gas prices have delivered a windfall to Russia, the world's second biggest oil exporter, giving it greater economic clout than in the past. Russia's G8 partners were deeply concerned, however, when Moscow turned off natural gas supplies to Ukraine in January to push through sharply higher prices.

Besides energy, the G8 ministers also pondered how to combat infectious diseases, interrupt terrorist financing and inject life into bogged-down world trade talks.

See also :

1. Energy costs become global concern
2. The Silent Oil Crisis
3. Energy will be THE issue in 2006, 2007, 2008, etc...
4. The Kremlin and the world energy war

(2006-02-12 23:54:19 SGT) [Energy] Permalink

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