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G7 Calls on Oil Producers to Increase Supplies, Lower Prices - 2004-10-02


Finance ministers from the seven leading industrialized nations are calling on the world's top oil producers to increase fuel supplies, to help ease the steady rise in energy prices for consumers throughout the globe.

Ministers from the Group of Seven nations made their appeal in a joint statement issued after they met Friday in Washington, on the eve of annual meetings of the International Monetary Fund and the World Bank.

Economists say skyrocketing oil prices are threatening an otherwise stable world economy.

The price of crude oil closed at $50.12 in New York Friday, just below the all-time high of $50.47 reached earlier this week.

The G7 ministers also repeated a call for all countries to switch to flexible currency-exchange rates - an appeal aimed at China, which pegs its currency to the dollar.

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