G8 concerned over oil, food prices, calls for analysis

Rising oil and commodity prices were threatening global economy growth, the finance ministers of the Group of Eight (G8) said Saturday but delayed concrete measures until further analysis of factors contributing to the price hikes, dpa reported.

"Elevated commodity prices, especially of oil and food, pose a serious challenge to stable growth worldwide, have serious implications for the most vulnerable, and may increase global inflationary pressure," the G8 finance ministers said after concluding their meeting in Osaka, Japan.

Foreign exchange issues and interest rates were however not discussed during the two-day talks, Japanese Finance Minster Fukushiro Nukaga said.

"We did not talk about it," he said, but added the topic was raised during bilateral meetings.

The finance ministers of the world's leading economies urged oil producers to increase production and transparency in the oil market, and called on consumer countries to improve energy efficiency, diversify energy sources, and reduce energy subsidies.

They however delayed concrete measures in favour of further analysis from the International Monetary Fund (IMF) and the International Energy Agency (IEA), in particular on the role of speculation.

IMF chief Dominique Strauss-Kahn said several G8 members believed it necessary to investigate whether speculation was driving prices, while US Treasury Secretary Henry Paulson was firm in his belief that the influence of speculation was negligible.

"There are multifaceted reasons," Nukaga told journalists, with Strauss-Kahn noting, "The rise in commodity prices has many reasons...demand is very close to maximum supply.

"You may also think that that's not enough and one may think that some financial considerations may be at stake - this is why the G8 asked the IMF to produce a report," he added.

Before jumping to conclusions, it was necessary to find out "what is really going on," Deputy Finance Minister Thomas Mirow, Germany's representative at the G8 said, explaining the lack of debate on hands-on measures.

For alleviating the world food crisis the G8 regarded it necessary to remove supply-side constraints and export restrictions and improve the efficiency of international agricultural markets, Paulson said.

Together with Britain and Japan, he called on other G8 members to sign up to new multilateral global warming funds, aimed at helping developing countries to finance the transfer to cleaner technologies.

The G8 "accepted their responsibility to show leadership in tackling climate change," the ministers said in their statement.

Development in Africa, a key issue of Japan's G8 presidency, seemed to take a back seat over global inflation woes. The eight nations vowed to honour their commitment to double aid to Africa and cancel 100 per cent of debts for certain eligible countries.

Further focus was to be on improving the investment climate in Africa and strengthening the private sector.

The G8 consists of the world's seven richest nations - the United States, Japan, Germany, Britain, France, Canada and Italy - as well as Russia.

The finance ministers were meeting in Osaka in the run-up to the G8 leaders' summit on the Japanese island Hokkaido in July.

Turkmenistan leads in aviation oil exports to Georgia
Turkmenistan leads in aviation oil exports to Georgia
Russian Hevel Energy Group commissions solar plant in Kazakhstan
Russian Hevel Energy Group commissions solar plant in Kazakhstan
Volume of natural gas industrial treatment at Turkmenistan’s Galkynysh field revealed
Volume of natural gas industrial treatment at Turkmenistan’s Galkynysh field revealed
Loading Bars
Latest
Azerbaijan expanding network of seismic stations (PHOTO)
Turkmenistan prioritizes promotion of domestic goods to world markets
Kazakhstan boosts trade with Tajikistan despite COVID-19
Azerbaijan shows footage from Memer village of Gubadli district (PHOTO/VIDEO)
Nominal income of Azerbaijani population drops for Q12021
Foreigners show interest in making investments in Georgia
Azerbaijan's Azertutun company to be privatized - decree
Kazakhstan to amend rules for use of unmanned aircraft systems
Dozens of vehicles to be put up for state property auction in Azerbaijan
FAO working on approving Country Program Framing with Turkmenistan
U.S. housing starts increase more than expected in March
Photo capturing reaction to relative's death in Armenian attack on Azerbaijani Ganja named ‘Media Photo of Year’ in Turkey
Nokia expanding its activities in Georgia
SIEMENS AG modernizing thermal power plants in Uzbekistan’s Tashkent
Georgia shares data on dried fruit exports
Uzbekneftegaz JSC implementing modernization of unit at Uzbekistan's Shurtan Headings
Azerbaijan sees increase in inflation rate for Q12021
Turkmenistan leads in aviation oil exports to Georgia
Volume of Azerbaijan's 1Q2021 railway cargo traffic revealed
Russia's Yandex to launch e-grocery delivery in Paris then London
Kansas City revenue falls 3.5% as COVID-19 hits volumes
India To Spend $200 Million In Next 5-7 Years To Promote Hydrogen Use
Georgian Railway plans to issue Eurobonds in June 2021
Turkmenistan sees increase in number of registered business entities
Russian Hevel Energy Group commissions solar plant in Kazakhstan
UK PM Boris Johnson To Finalise "Roadmap 2030" With India: High Commission
India, France sign agreement for cooperation on Gaganyaan mission
Amazon announces $250 million fund for small, medium businesses in India
Sputnik V covid vaccine deliveries to India to begin this month
Anglo Asian Mining lowers gold output in Azerbaijan
International airport being built in Uzbekistan's Samarkand
Iran top OPEC oil producer for March 2021
Total assets of Azerbaijan's Kapital Bank increase
Japan provides loan to Uzbekistan within socio-economic dev't
Iran expects increase in production
Azerbaijan restoring roads in Tartar damaged during Second Karabakh War (PHOTO)
Memorandum of Understanding on co-op between Azerbaijan and OIC in field of statistics approved
COVID-19 affects trade turnover between Switzerland, Azerbaijan - ambassador
President of Afghanistan holds meeting with Nizami Ganjavi International Center (PHOTO)
Volume of natural gas industrial treatment at Turkmenistan’s Galkynysh field revealed
Iran has to take advantage of regional markets - Chamber of Commerce
Russia discloses volume of Sputnik V vaccine to be supplied to Azerbaijan
Azerbaijan shares data on cancelled tender, quotation poll results
Iran, Qatar may connect their power networks
Azerbaijan reveals 2M2021 data on cargo movement via TRACECA
Georgia sees increase in production of nuts and grapes
Meetings held in Azerbaijan with representatives of state bodies to switch to G-Cloud
Azerbaijan Airlines’ Supervisory Board holds first meeting (PHOTO)
China to invest in development of Iranian ports
Production of wheat and potato in Georgia increases
Switzerland sees potential in strengthening co-op with Azerbaijan in energy field
Uzbekistan interested in import of livestock from Kyrgyz Republic
Turkmenistan receives new industrial oil inflow
Uzbekistan discloses processing capacity of sunflower seeds by 2022
Azerbaijan talks reconstruction of several fish farms
VTB Group concludes deal for acquisition of Kazakhstan's KAZ Minerals
SOCAR boosts exports of oil, petrochemical and gas-chemical products
State Tax Service of Azerbaijan talks tax fees for online services
Passenger transportation indicators plummet in Kazakhstan
Azerbaijan's 1Q2021 GDP slightly decreases
Azerbaijani president, first lady view renovation, restoration work in Baku's Pirshaghi settlement (PHOTO)
Azerbaijan’s gas exports see 45% growth
Azerbaijan boosts gas exports via Baku-Tbilisi-Erzurum in 1Q2021
Azerbaijan records surplus in 1Q2021 state budget
Azerbaijan decreases oil exports via BTC
SOCAR increases gas output y-o-y
Uzbekistan to invest in viticulture dev't
Kazakhstan’s national postal service operator to buy consumables via tender
Uzbekistan continues ramping up flour, cereal exports
Mine explosion in Azerbaijan takes life of one more serviceman
Uzbekistan, Russia implementing numerous joint projects
Georgia reports 1,077 new cases of coronavirus for April 16
New Delhi a natural partner in shaping Indo-Pacific region: Australian PM Scott Morrison
Economist Intelligence Unit calculates 13 per cent growth for India, more than IMF prediction
Kazakhstan boosts exports to Russia over 2M2021
French Bouygues carries out construction of two new facilities in Turkmenistan
Azerbaijan's ADIF shares data on compensations paid to depositors of closed banks'
No point in discussing Nagorno-Karabakh problem in previous context - Russian expert
2021 to see over 3% increase in global gas demand
Georgia sees increase in hotel price index for March 2021
Kazakhstan unveils timeframe for large-scale crops sowing
Kazakhstan shares vehicle production data
Prices for precious metals up in Azerbaijan
Turkmenistan signs number of documents with international organizations
EBRD to invest in another project in Azerbaijan
National Bank of Georgia sells funds to stabilize lari exchange rate
Azerbaijan sees growth in retail turnover of ICT products from early 2021
IMF eyeing support to Kazakhstan's cybersecurity and risk management sectors
Iran - P5+1 on right track in Vienna talks - Deputy FM
Italian Senate delegation visits Azerbaijan's liberated Aghdam (PHOTO)
Islamic Solidarity Games-2021 may be postponed - Federation's Executive Committee
Azerbaijan’s pipeline gas deliveries set to increase by over 15%
1Q2021 volume of sold food products in Azerbaijan's trade network up
Denmark speeds up reopening as epidemic stabilises
Azerbaijan IT company monitoring performance of financial structures
Kazakhstan carrying out several projects to boost local cars manufacturing
Turkmen-Chinese partnership has potential in number of areas
European new car sales jump 87% year-on-year in March
Kazakh-German oil extracting JV opens tender for design documentation dev't
Azerbaijani oil prices disclosed
All news