High oil prices affect poor countries, world economy — minister
RIA Novosti, Mar 16
MOSCOW, March 16 (RIA Novosti) — Russia’s industry and energy minister said Thursday that high oil prices had affected poor nations and hampered global economic growth.
Opening a meeting of G8 energy ministers in Moscow, Viktor Khristenko said: “The price situation is not very favorable [on global markets] at the moment, as high oil prices have sent prices for other energy resources and some other products up.”
He said the oil price fluctuations and their contingency on unpredictable economic factors influenced global economic trends, and were particularly harmful for poor nations.
Energy ministers from the Group of Eight leading industrialized nations are attending a two-day series of meetings in Moscow starting Thursday.
The talks, being held at the Kremlin, are expected to focus on a range of issues, including diversification of energy supplies in the face of increasing demand, as well as development and implementation of “clean” technologies. Russia has declared energy security the No. 1 issue for its G8 presidency this year.