G8, Asia urge oil production hike as prices soar

Japan — Eleven nations that guzzle nearly two-thirds of the world's energy called Sunday for an urgent hike in global oil production as host Japan warned the world could plunge into recession. Energy ministers from the Group of Eight (G8) industrial powers were meeting in the northern Japanese city of Aomori with officials from China, India and South Korea in the wake of a record spike in oil prices.

The 11 nations represented here voiced "serious concerns" over the level of oil prices and said there was an "urgent need for increased and timely investment in the energy sector."
In a joint statement, they called for boosts to their own production and asked major oil producers "to increase investment to keep markets well supplied in response to rising world demand."

The first meeting is to be held this year. The 11-nation talks came after oil prices on Friday posted their highest ever one-day gain of nearly 11 dollars, hitting a new record of 138.54 dollars a barrel in New York trade. "If we leave this situation as it is, it could lead to a recession of the world economy," Japan's energy minister Akira Amari said as he opened the meeting.

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