G-8 to continue efforts in keeping stability on oilmarkets

May 06 - ITAR - TASS News Wire -

The G-8 energy ministers said they will continue with joint efforts in ensuring global energy security and stable oil prices on world markets. Taking part in the international energy forum that ended in Detroit on Friday, were the heads of the Energy Ministries from the United States, Russia, Great Britain, France, Italy, Germany, Canada, Japan, European Union representatives and directors of large companies from different countries.

The Russian delegation was led by Energy Minister Igor Yusufov.

The joint statement by the ministers who had met behind closed doors in Detroit notes that stability in oil prices should be ensured through market mechanisms, diversification of energy sources, a more effective use of fuels and broader information exchange.

According to the document, the participants called for maintaining "a constant open dialogue" between oil consumer- and producer states, including the Organization of Petroleum Exporting Countries.

In addition, the G-8 ministers reiterated the necessity of taking measures in advance in case of disrupted oil supplies. They stated in this connection that the importers should possess strategic oil reserves they may need in emergency, and be ready to coordinate between themselves the decision-making concerning their use.

The ministers called on other states, including Asian countries - - where a considerable increase in energy consumption is expected in the next decade -- to build such reserves for themselves.

Canadian Minister of Natural Resources Herb Dhaliwal said at the final news conference that a majority of participants had not backed Japan's proposal to use strategic reserves in case of a drastic increase in world oil prices.