G-8 Ministers Warn of Rising Energy Prices

Russia's Finance Minister Alexei Kudrin, right, and World Bank chief Paul Wolfowitz seen at a joint news conference in St. Petersburg, Russia, Friday June 9, 2006. Russia on Friday preceded a meeting of the Group of Eight finance ministers by declaring a plan to write off about US$700 million (553 million euros) in debt owed by the poorest countries, a move reflecting its oil-propelled wealth and a desire to jockey for an equal position with the world's top industrialized nations. (AP Photo/Dmitry Lovetsky) (Dmitry Lovetsky - AP)

ST. PETERSBURG, Russia -- The Group of Eight finance ministers said in a draft communique Saturday that global economic growth remains strong, but warned of dangers posed by high energy prices and global imbalances.

"Global growth remains strong and is gradually becoming more broadly based," said the ministers, who met in St. Petersburg in the run-up to next month's summit of the G-8 leaders. "However, downside risks from high and volatile energy prices and widening global imbalances remain."

The ministers called for promoting greater transparency and reliability in energy market data through developing a global common standard for reporting oil reserves.

The ministers also drafted a separate statement focusing on the need to support impoverished nations' access to energy supplies.

"We urge national governments and multilateral and bilateral donors to integrate energy issues into poverty reduction and country assistance strategies, including options for the least developed countries to tap their natural resources potential," they said.