Brussels, 24/05/2004 (Agence Europe) - The G7 Economy and Finance Ministers (Germany, France, United Kingdom, Italy, Canada, United States and Japan) and Russia, which met in New York, called on the Organisation of the Petroleum Exporting Countries (OPEC) to step up their oil production. "We welcome the recent announcements by some oil producers to increase production. We now call on all oil producers to provide adequate supplies to ensure that world oil prices return to levels consistent with lasting global economic prosperity and stability, in particular for the poorest developing countries", the final press release states. The G7 explains that the sharp rise in oil prices is a threat to economic growth, which is just as damaging as "recovery is proceeding rapidly, with global growth of around 5.25 percent in 2003-04". During its meeting on Saturday in Amsterdam, OPEC decided to reject any decision on an eventual rise in production at its meeting of 3 June in Beirut.
The G7 has, moreover, maintained its stance on exchange rates, condemning excessive volatility and disorderly currency movements. This declaration seems to have helped to restore a better balance between the dollar and the other main currencies. Italian Minister Giulio Tremonti hoped the G7's indications on oil would have the same success as those on exchange rates.
In preparation for the G8 summit of Heads of State and Government (G7 plus Russia), from 8 to 10 June at Sea Island in Georgia (southern USA), the G7 also reaffirmed its "firm commitment" in favour of a sustainable reduction in the debt of the poorest countries.