In other words, despite Japan’s energy chief’s urging OPEC to boost oil production, they plan to do nothing for another three months while oil prices soar.
AOMORI, Japan (AP) — Japan’s energy chief launched a meeting of ministers from the world’s top industrialized nations Sunday by warning that soaring oil prices could trigger a global recession if they’re not checked. 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, while pledging to develop clean energy alternatives and increase efficiency. The current president of the Organization of Petroleum Exporting Countries, Chakib Khelil, has said that the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna. More
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