11 February 2008 - 12:19
  • News ID: 126569
G7 Urges OPEC to Raise Output

TEHRAN __ The Group of Seven leading industrial nations has urged oil-producing countries to raise output to help bring sky-high prices down.

The G7 conceded that rising world demand and geopolitical concerns have contributed to elevated oil prices. The finance ministers and central bankers of those countries reiterated the need for producers to enhance refinery capacity and improve energy efficiency, news reports said.

They also said countries should avoid artificially lowering domestic energy prices through fiscal measures, as they work against the market-based adjustment of energy demand as well as rising gas emissions.

The G7 said it has asked the International Monetary Fund to conduct further research on the factors behind the recent surge in oil prices and its effects on the global economy.

World oil prices rose above US $100 a barrel at the start of the year, but have since dropped on an assumption that a US economic slowdown will depress global demand.

News ID 126569

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