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Stable oil prices eyed for energy security in Asia.

NEW DELHI, Jan. 6 Kyodo

Ministers from oil producing and consuming countries agreed Thursday to work for the stabilization of international crude oil prices to ensure energy security in the rapidly growing Asian region, Japanese officials said.

The accord came at the first meeting between four Asian oil consuming countries -- China, India, Japan and South Korea -- and eight oil producing nations, including Saudi Arabia, as well as three organizations such as the Organization of Petroleum Exporting Countries.

The oil consuming nations asked the oil producers to supply enough oil to meet demand from consumers, the Japanese officials said.

It is important for Asia and the Middle East to retain longtime energy security, including stable energy supply and environmental protection, Japanese Economy, Trade and Industry Minister Shoichi Nakagawa was quoted as saying at the meeting.

The oil producing countries for their part called for stable and longtime purchases of oil by the consuming nations, the officials said.

In last May, India proposed hosting the Asian energy security meeting amid a surge in crude oil prices. Oil demand in Asia is expanding with the rapid growth in regional economies, including China and India.
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Publication:Japan Energy Scan
Date:Jan 10, 2005
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