The world's seven largest industrialised nations plus Russia, China, India and South Korea have called on oil producing countries to boost production.
Ministers attending a G8 energy summit in the Japanese city of Aomori, expressed serious concern after oil prices reached a new record high of about 138 dollars a barrel in Friday's New York trading. Japan's energy minister, Akira Amari, warned that soaring oil prices could trigger a global recession. Oil prices have increased five-fold since 2003 due to a variety of factors including turbulence in the Middle East and rising demand in emerging economies such as China and India.
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