Finance Ministers Want Oil-Producing Nations to Disclose Reserves, Output

Feb. 5 (Bloomberg) — The Group of Seven industrial nations called on oil-producing nations and companies to lift the secrecy surrounding output and reserves, aiming to keep a lid on prices and open new sources of supply.

“Transparency and data is key to the smooth operation of markets,” G-7 finance ministers said in a statement after two days of talks ended today. The ministers said their aim was to ensure “energy security” and “a climate conducive to investment” in the industry.

The measures are designed to give traders better information on supply, replacing the estimates now made by consultants who track oil tankers because producing nations such as Saudi Arabia withhold the data. Threats to supply in Iraq, Russia and Nigeria sent New York crude to a record $55.67 a barrel last year.

“We need more information about oil reserves,” said U.K. Chancellor of the Exchequer Gordon Brown, whose nation hosted the talks. “Transparency in the oil markets is now something that is necessary.”

http://quote.bloomberg.com/apps/news?pid=10000006&sid=afu9f5Hs9oQU&refer=home