Energy ministers from China, the United States, India, Japan and the Republic of Korea got together in Beijing on December 16 to discuss energy security
Energy ministers from China, the United States, India, Japan and the Republic of Korea, five of the world's primary gasoline consumers, got together in Beijing on December 16 to discuss energy security and sustainable development of the energy sector.
The energy ministers agreed that the guarantee of a reliable and sufficient supply of reasonably priced energy resources and increased energy efficiency are what their countries are after.
The meeting was not aimed at keeping down international oil prices and will not develop into a mechanism to counterbalance the Organization of Petroleum Exporting Countries (OPEC), despite media suggestions to the contrary.
In recent years, international oil prices have fluctuated by large margins. This not only greatly impacts the world economy but leaves oil consuming countries continuously worried about energy security, with developing countries the hardest hit.
On July 17, 2006, President Hu Jintao, attending the dialogue session between G8 and developing countries in St. Petersburg, Russia, suggested that a new energy-security approach be introduced. It would be based on global energy stability, sustainable development and mutual benefit.
