Japan Urges Effort to Combat `Abnormal’ Oil Prices

(Bloomberg) — Japan said five of the world’s major energy consumers, led by the U.S. and China, must work together to tackle oil prices that have risen to “abnormal” levels.

Crude oil becomes “a risk to energy security and the global economy” when the price exceeds $130 a barrel, Trade Minister Akira Amari said in his opening speech to a G-8 energy ministers meeting in Japan’s northern prefecture of Aomori today.


Oil prices more than doubled over the past year to a record $139.12 a barrel yesterday, sparking concern energy costs will fuel inflation and retard economic growth. The U.S., China, Japan, South Korea and India, which together account for half the world’s energy consumption, will this weekend probably urge the Organization of Petroleum Exporting Countries to increase supplies and expand capacity.

“It’s very important that we issue a unified message to the world,” Amari said. “Global energy security will be enhanced through collaborative effort among nations.”

Bloomberg