G8 ministers voice oil price fear

Rising oil prices and inflation are the key issues that will be addressed by G8 finance ministers as the world's richest nations meet in St Petersburg. According to a draft communique, high and volatile oil prices are a threat to the world economy and they need to be dealt with as a shared responsibility.

Russia's Finance Minister Alexei Kudrin stressed the need for G8 nations to address the issue of energy supplies as oil has surged beyond the $75-a-barrel mark at times this year. Russia, which supplies a quarter of Europe's gas, has repeatedly stressed the importance of energy security during its G8 presidency. However, its own policies have proved controversial ever since the nation's monopoly, Gazprom, cut off supplies to Europe during a pricing dispute with Ukraine.

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