Five-party meet to discuss global oil price spiral

June 7th, 2008 - 6:12 pm ICT by IANS  

Aomori (Japan), June 7 (Xinhua) Top officials from China, India, the US, Japan and South Korea gathered Saturday in this northeastern Japanese city to discuss setting up oil reserves as a way to offset the global hike in fuel prices. India and China, whose energy demands increased with rapid economic developments, are exploring ways and means to cooperate with the International Energy Agency (IEA) to help in building oil reserves as protection against rising prices, sources told Xinhua on condition of anonymity.

The IEA, which seeks to include India and China into the global oil market stabilisation framework, will help the two countries build oil stockpiles.

Participation of China and India will strengthen the framework, officials from Japan’s trade ministry said.

The participants are scheduled to issue a joint communiqu

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in World |