G-8 to call for greater transparency in energy markets+

ROME, May 25 Kyodo -
Energy ministers from the Group of Eight industrialized nations and some
emerging economies will call for greater transparency and supervision of energy
markets as part of their efforts to ensure stability in oil prices, a draft of
their joint statement indicated Monday.

Calling for ''transparent, open and well functioning'' markets, they are likely
to agree that it is necessary to ''support efforts by relevant national and
multilateral authorities to improve transparency of underlying energy
commodities markets and supervision of over-the-counter markets,'' according to
the final draft statement.
The G-8 -- Britain, Canada, France, Germany, Italy, Japan, Russia and the
United States -- will also demand ''further harmonized actions'' by regulators,
said the draft, which will be also approved by countries such as China, India
and Saudi Arabia.
Ministers and officials from the G-8 and 15 other economies are scheduled to
end their two-day meeting in Rome later Monday, adopting a set of joint
statements. The wording of the statements could possibly change from the draft
versions.
The call comes amid growing attention to the volatility of crude oil prices and
their negative impact on global economic development.
Crude oil prices are hovering around $60 per barrel, after surging to a record
high of $147 last summer and falling to around $30 amid the global financial
turmoil.
Japan and some other Asian countries earlier agreed on the need to regulate
speculative money in the oil futures market and limit positions held by
short-term investors such as hedge funds.
Tokyo has urged its G-8 peer to make similar commitments, as some countries
such as Britain and the United States have generally preferred to avoid
excessive control of financial markets.
Although the draft contains no direct reference to ''regulation'' or
''speculators,'' it is evident the G-8 and other nations have an eye on the
need to address factors that could destabilize markets, a Japanese official
said in Tokyo.
==Kyodo