News: India to push for stable oil prices

(PTI 15/12/2006) Beijing - Pushing for stability in oil price, Ministers from five major energy consuming nations, including India, are likely to issue a joint appeal to key oil producing countries to step up their investment and expand oil supply capacities at a meeting here tomorrow. The first-ever meeting of the energy ministers of the five major oil consuming nations is expected to issue a call to the international community to work together to send a clear signal to the oil market so as to enhance transparency and curb speculation to maintain stability. Minister for Petroleum and Natural Gas Murli Deora will attend the meeting which will brainstorm on ways to stabilising the volatile crude oil prices, vital for their economic growth and energy security. Apart from India, the other four participants are China, the United States, Japan and South Korea. China, the United States, Japan, South Korea and India consume nearly 45.5 per cent of the world's 3.77 billion tonnes of oil. But hikes in the oil price are constraining their economic development, Chinese media reported. Deora will chair a session on 'Major Challenges and Priorities for International Cooperation' in which India is expected to call for enhanced international cooperation to ensure stable oil prices. The in-camera meeting is expected to come out with a Joint Statement, reflecting the collective opinion of the five major oil-consuming nations, sources said. China is expected to be represented at the meeting by the Chairman of the National Development Reform Commission (NDRC), Ma Kai. US Energy Secretary Sam Bodman is expected to lead his country's delegation.