G7 Calls For Increased Oil Supply, Energy Efficiency

Group of Seven finance ministers and central bank chiefs, in a statement issued on Saturday, called on oil producing countries to increase oil output and consumers to raise energy efficiency, a source close to the matter said Saturday.

"We recognize the importance of raising medium term energy supply and energy efficiency," the communique said, mirroring a statement given by G7 finance ministers in Washington last October, when they said that high oil prices posed a risk. The ministers last October called on producers to provide "adequate supplies to ensure that prices moderate" and stressed that consuming nations had to practice energy efficiency.

Crude oil prices soared to a record high level of $55.67 per barrel in New York trading last October. They have since fallen on easing supply worries, with New York's main contract, light sweet crude for delivery in March, closing at $46.48 a barrel on Friday.

Copyright Agence France-Presse, 2005

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