World's top oil consumers discuss record crude prices

Jan 25, 2008, 12:57 GMT

Brussels/Davos - The energy ministers of the world's biggest oil consumers held a conference call on Friday to share their concerns over high world oil prices and urge China and India to help stabilize the situation, officials in Brussels said.

The call between Brussels and Davos in Switzerland - site of this week's World Economic Forum - linked EU Energy Commissioner Andris Piebalgs with US Energy Secretary Samuel Bodman and his Japanese and British counterparts, Akira Amari and John Hutton, Piebalgs' spokesman told journalists.

Speaking on behalf of the European Union's executive, Piebalgs voiced his 'serious concern over the recent rise of oil prices that could result in a slowing of economic growth, damaging developed, developing and oil-producing countries,' the spokesman said.

'All stakeholders, both oil-producing and -consuming countries, share common responsibilities and interests for stability in the global oil market. Therefore joint efforts are necessary to ensure that sustained and adequate levels of investment are made in the upstream and downstream development of oil supplies,' he said.

Piebalgs also urged 'the emerging economies, particularly China and India, to join the collective efforts of the participants of this conference call,' including in boosting energy efficiency.

As of 2005, the US and Japan were the world's largest importers of crude oil, with EU members Germany, Italy, France, the Netherlands and Spain all among the top 10, according to the International Energy Agency. China and India were third and sixth, respectively.

Saudi Arabia, Russia, Iran and Nigeria were the largest exporters.