G-8 Energy Chiefs Meet as Oil Prices Soar

By: Associated Press Email
By: Associated Press Email

Amori, japan (AP) Japan's energy chief warns that soaring oil prices could trigger a global recession.

The somber assessment came as he launched a meeting of ministers from the world's top industrialized nations.

Oil prices made their biggest single-day surge on Friday, soaring $11 to $138.54 on the New York mercantile exchange, an 8 percent increase.

Five top energy consumers -- the United States, China, Japan, South Korea and India -- urged oil producers on Saturday to boost output to meet growing demand. The countries also pledged to develop clean energy alternatives.

World oil production has stalled at about 85 million barrels a day since 2005 despite global growth and increased demand.

But the president of Opec has said that the cartel will make no new decision on production levels until its September 9th meeting in Vienna.

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