G-8 To Call For Oil Market Transparency To Curb Profiteering

The Group of Eight nations are expected to agree at this week's summit to push for greater disclosure in crude oil markets in a bid to improve transparency and check rampant speculation amid record-high prices, the Nikkei newspaper reported at the weekend without citing sources.

The move will be among several measures intended to slow crude's run-up laid out in the joint communique to be issued at the end of the three-day meeting.

Such steps include boosting investments in extraction and refining capacity, promoting energy efficiency and developing renewable sources.

The details of the information-sharing plan have yet to be hammered out, but market watchdogs such as the U.S. Commodities Futures Trading Commission could eventually be called on to reveal the positions taken by investment banks and other big players in oil futures, the report said.

G-8 leaders will also issue a separate declaration on food security that will contain a commitment to double food production in Africa.

The nations will also agree to create a global network of food stockpiles to be tapped in emergencies to calm markets.

On the environment, the leaders will discuss setting a target of halving greenhouse gas emissions by 2050 in the communique.

The text will likely stipulate the participation of China, India and other emerging economies to appease the U.S., which opposes a target for only G-8 nations.

G-8 leaders will likely agree to allow for restrictions on investments from state-operated funds, but call for transparency, predictability and accountability in imposing such barriers, the Nikkei said.