2008-06-08 21:00:12 - G8,India.China and South korean ministers meeting in Aomori, Japan, said there was an "urgent need for increased and timely investment in the energy sector."
"We affirm the need to maximise investment in our own domestic production and we call on other oil producing countries to increase investment to keep markets well supplied in response to rising world demand," the ministers said in a joint statement.

Crude oil price have shot up more than 11 US dollars and surged to a new record around 139 US dollars in New York trade on Saturday.Eleven nation guzzling two third of global production of oil represented by their energy chief met on sunday at Aomori in Japan.

The biggest one-day jump of more than 8 per cent ever after smashing

a series of price hurdles is turning to give intutive signals of incoming recession in developed nations and stagflation in few and inflation to pinch in developing nation is cause of concern for all.Share market players will end watching the Bear run till the news of better crop and normal rain flows in.The unprecedent fluctuation of crude oil global price will put the stock market in tinge.

US,Britain,Italy,presently in their political uncertainity year with Washington and Downing street to explore their top slots make global situation more dim than conspicuous in their foreign policies, needs to be reinvent for better tommorrow to share this planet as global village.

"We share serious concerns over the current level of oil prices," the joint statement said."We call for enhanced oil market dialogue and cooperation between producers and consumers," it added.
In a sign they were not pinning all the blame on oil producers, the statement said, "Some factors contributing to the oil market are more structural and longer term in nature, including the growth of global oil demand, particularly in the transportation sector."

Oil prices have soared five-fold since 2003 due to a variety of factors including turbulence in the Middle East and rising demand in emerging economies such as China and India.

Production of oil has not risen since 2005 and Asian tigers China,India, South Korean economy has outgrown thus propelling the demand and Chief of OPEC said they are not to make any decesion till their Vienna meet ,September 9.

Eleven nation meet in Aomori has resolved to urgently produce more oils and make investment in this field to keep our rising demand met in order and diversify their source of energy.