On Sunday the Group of Seven top economic powers called on all oil-producing countries...
On Sunday the Group of Seven top economic powers called on all oil-producing countries to lift oil output.
They said in the official statement, "We now call on all oil producers to take action to provide adequate supplies to ensure that world oil prices return to levels consistent with lasting global economic prosperity and stability, in particular for the poorest developing countries."
"Lower oil prices would benefit the world economy. We welcome the recent announcements by some oil producers to increase production."
This communique was an indirect reference to Saudi Arabia?s calls for an OPEC output hike of up to 2.5 million bpd.
In Britain's Chancellor of the Exchequer Gordon Brown?s opinion, the proposal from Saudi Arabia, which plans to raise its own production in any case, will add pressure on the other OPEC countries to ?do the right thing?.
