Gleneagles, Scotland, July 8, IRNA-The group of industrialized countries want OPEC member states to open up their oil and gas reserves to more beneficial development terms to help achieve affordable energy supplies.
"We encourage oil-producing countries to take all the necessary steps to foster a favorable investment climate sufficient to support strong global economic growth," the G8 leaders said in a communique at the end of their summit in Scotland Friday.
In particular, they said they wanted oil-producing countries to "ensure open markets with transparent business practices and stable regulatory frameworks for investment in the oil sector, including increased opportunity for foreign investment."
The statement was among a whole series of final communiques, ranging from climate change, poverty and African debts, trade, Iraq, the Middle East peace process and Sudan to non proliferation and response to last year's Indian Ocean disaster sectors.
The summit in the remote Scottish village of Gleneagles, 50 kms north of Edinburgh, was overtaken on Thursday by a series of bombing attacks in London that caused Prime Minister Tony Blair to interrupt his role as chairing the discussions.
In their statement on the Global Economy and Oil, the G8 said that it also wanted to emphasis "the important role played by the dialogue between oil producing countries and oil consuming countries on the International Energy."
"We agreed that secure, reliable and affordable energy sources are fundamental to economic stability and development, and recognized the important role that energy conservation and efficiency, technology and innovation can play," it said.
The focus on energy security comes as hydrocarbon reserves are starting to become virtually exhausted in many western countries and oil prices recently reaching record prices of over dlrs 60 per barrel.
In proposing its measures, the G8 from Britain, France, Germany, Italy, Japan, Canada and Russia warned that oil demand was currently projected to continue its strong growth.
"Significant investments will be needed, in the short, medium and long terms, in exploration, production and energy infrastructure to meet the needs of a growing global economy," they said.
The statement also emphasized the need for concrete actions to reduce market volatility through more comprehensive, transparent and timely data.
"A factor exacerbating uncertainty is the lack of transparency in the markets, which could be ameliorated by a universally agreed reporting system for oil supply and demand to be applied by oil producing and consuming countries and oil companies," it suggested.
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