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G-7 meeting in London
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The G7 Ministers begin to grasp Peak
Oil
When the G7 Finance Ministers and Central Bank Governors met in London, on
4-5th February 2005, oil security was evidently at the top of the agenda,
as the following statement confirms.
"We discussed medium-term energy issues and the risks of current oil prices.
Market transparency and data integrity is key to the smooth operation of
markets. We welcomed concrete actions in improving data provision to oil
markets and encouraged further work, including on oil reserves data, by relevant
international organisations. The Extractive Industries Transparency
Initiative can increase fiscal transparency and help improve the use to which
oil revenues are put. We call on international institutions to work with
oil producing countries to ensure a climate conducive to investment.
We recognised the importance of raising medium-term energy supply, of energy
efficiency, and of the importance of technology and innovation in ensuring
energy security."
Professor Kjell Aleklett, president of ASPO, comments:
Since the start of ASPO, we have clamed that the world needs better transparency
of important oil data. If everyone had the same policy as Norway and U.K.,
it would be very easy to estimate the future of the industry. We members
of ASPO are doing the best we can and I'm sure that ASPO is among "relevant
international organisations" as mentioned in the Press Release of the G7
Meeting.
Full Press Release
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