Big consumers share concern over oil price

DAVOS, Switzerland (Reuters) – A meeting of major oil consumers including the United States, Japan and Britain shared concern about high prices and the threat they pose to economic growth, officials said on Friday.

The price of crude oil, which hit a record high of $100 a barrel earlier this year and is now trading around $90, has alarmed consumer countries because of the risk it may slow economic growth.

“It is a matter of concern,” John Hutton, Secretary of State for Business Enterprise and Regulatory Reform, told Reuters as he left a meeting of his counterparts from Japan and the U.S. and other energy officials.

“But I think there is willingness to ensure we have the necessary conditions for stability.”

Reuters