High oil prices had affected poor nations and hampered global economic growth, Russian Industry and Energy Minister Viktor Khristenko said here on Thursday.
In his remarks to open the two-day energy meeting of the Group of Eight (G8), Khristenko said that the price situation was "not very favorable (on global markets) at the moment, as high oil prices had sent prices for other energy resources and some other products up."
The oil price fluctuations and their contingency on unpredictable economic factors influenced global economic trends, and were particularly harmful for poor nations, the minister said.
"Massive investments would be needed to create an effective system of global energy supply resistant to shocks," Khristenko said.
He urged all parties to work toward producing a comprehensive and forward-looking energy action plan.
