Oil price soars G 8 meet Aomori in Japan

Internationa regulatory authority need of an hour to have control on abrupt rise in crude oil price ,an energy with limited natural resources on which the economy of eleven countries G8,India,China and South Korea is immediately affected.

Russia has envinced interest in taming the rise in price with agglomerate efforts but they fear the handling of the affair could be in imperial way.

A Crude oil a limited natural resource gets its importance on rise especially when developing nations in surge and developed in downward turn. Both developed and developing econmies are relying on one
source of energy to the the possible alternate source
energy is a neglect with diligent. G8 minister to meet at Aomori in Northern Japan is an efforts by the G8 countries,US, Russia,Britain,German,Italy,France,Canada,Japan along with three developing nations,India,china and South korea to huddle together to reach a common consensus to have thread bare discussion on oil price rise,its control and its subsidies thereon,energy investment and its adverse impact on environment.

Developing countries economy are reaching  stagnant stage, Russia in its efforts to
emerge from  decade old  depressed economy, it is chief power house of
crude oil and supply to its neighbour, valuing rich influence adding impetus to her
economy. Nobel laureate,Joseph Stigle of US said US unending
war in Iraq is catalyst adding to these woes.US in their battered economy and shattered development looks for gain from other developing economy for their uncalled venture in Iraq.

Reasons attributed for  crude price surge,Israel Deputy Prime Minister Shaul Mofaz”s comments warning of a possible attack by Israel on Iran fanned the flame.US investment bank forcast crude to touch $ 150 per barrel in near furture added fuel to price of fuel.

Developed nation are putting the blame on chief consumers of energy China,India
and South Korea for their economy glowing,growing at rapid pace of more than
eight percent per annum.With this rise in price of crude,the bubbling economy of smaller countries may
be shattered or go into oblivion and developing retard in their jumps.

Further some nation on trade blame game for this unprecedent rise in fuel price,US blaming OPEC and Vice versa. US then crossed on to the developing countries.US economy are shattered and are in space of inflation to stagflation.US dollar skiding against EURO dollar.

Crude oil soaring eight percent in day has attracted G8 minister to meet at Aomori in Japan fuel markets and stave off damage to their well dressed economies along with developing nation, India,South Korea and China to meet
energy chiefs from the world”s industrial powers on Sunday with their
actions to help the quell of menance crude price rise.

G8,India.China and South korean ministers meeting in Aomori, Japan, said there was an "urgent need for increased and timely investment in the energy sector."

"We affirm the need to maximise investment in our own domestic
production and we call on other oil producing countries to increase
investment to keep markets well supplied in response to rising world
demand," the ministers said in a joint statement.

Crude
oil price have shot up more than 11 US dollars and surged to a new
record around 139 US dollars in New York trade on Saturday.Eleven
nation guzzling two third of global production of oil represented by
their energy chief met on sunday at Aomori in Japan.

Unprecedent rise in rpice give intutive signals of incoming recession in developed nations and
stagflation in few and inflation to pinch in developing nation is cause
of concern for all.Share market players will end watching the Bear run
till the news of better crop and normal rain flows in.The unprecedent
fluctuation of crude oil global price will put the stock market in tinge.

Minister gathered resolved in Aomori,"We share serious concerns over the current level of oil prices," the
joint statement said."We call for enhanced oil market dialogue and
cooperation between producers and consumers," it added.

In a sign they were not pinning all the blame on oil producers, the
statement said, "Some factors contributing to the oil market are more
structural and longer term in nature, including the growth of global
oil demand, particularly in the transportation sector."



Oil prices have soared 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.



Production of oil has not risen since 2005 and Asian tigers
China,India, South Korean economy has outgrown thus propelling the
demand and Chief of OPEC said they are not to make any decesion till
their Vienna meet ,September 9.



Eleven nation meet in Aomori has resolved to urgently produce more oils
and make investment in this field to keep our rising demand met in
order and diversify their source of energy.