- Title: USA: G7 FINANCE MINISTERS DISCUSS OIL PRICES IN WASHINGTON.
- Date: 2nd October 2004
- Summary: (W7)WASHINGTON D.C., UNITED STATES (OCTOBER 1, 2004) (REUTERS - ACCESS ALL) 1. MV/GV: G7 WORKING LUNCH (12 SHOTS) 1.05 2. GV.MV/CU.PAN: G7 GROUP PHOTO (4 SHOTS) 1.41 3. GV/MV/CU: PROTESTERS (6 SHOTS) 2.31 4. GV/PAN: EXTERIOR OF U.S. TREASURY, PAN TO DEMO 2.38 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 17th October 2004 13:00
- Location: WASHINGTON D.C., UNITED STATES
- Country: USA
- Reuters ID: LVADR1HXE6B0E6NUVSWYF1ZVR1F8
- Story Text: Oil top of agenda at G7 meeting in Washington D.C.
Concerned that soaring oil prices could hurt the
best global prospects in years, finance chiefs from wealthy
nations met on Friday (October 1) to try to work out what
lay behind the surge and how to buffer the economic
Group of Seven finance ministers and central bankers
met at the tightly guarded U.S. Treasury building over
lunch and were to work through the afternoon before a
dinner with Chinese counterparts that has currency reform
on the menu.
The officials will set out their world-view at about
5:45 p.m. EDT (2145 GMT) in a communiqu sources said would
include a call to bolster oil-market monitoring to make it
easier to discern if scarce supply, hefty demand or market
speculation lay behind crude's drive to record levels.
The answer to this question is critical. It could
affect policy responses big oil consumers must adopt --
higher interest rates to stem inflation or a renewed focus
on finding new energy sources -- and may offer key
information on how long the price rise will last. On
Friday, U.S. crude oil futures topped $50 a barrel.
The G7 gathering comes ahead of weekend meetings of the
International Monetary Fund and World Bank. A scant 75
protesters gathered outside the U.S.
Treasury to demonstrate against the lenders' slow
movement on forgiving debts of poor countries -- an issue
on the finance chiefs' agenda.
The perimeter of the Treasury building bristled with
security during the meetings.
A terror warning last month that cited the IMF and
World Bank as potential targets and led officials to
shorten the semi-annual session to a weekend
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