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Oil crisis dominates G8 meeting BBC The energy ministers of the world's leading industrialised nations have met in Japan amid fears soaring oil prices could damage the global economy. The Group of Eight (G8) organisation met two days after a record one-day jump in crude oil to $139 a barrel. Efficiency, shared technology and the promotion of alternative power sources were high on the agenda. But disagreements have already surfaced on fuel subsidies, which the US and others feel have helped boost prices.
(Article continues below) Strategic stocks The meeting took place in Aomori, on the northern edge of Japan's main Honshu island. Business Secretary John Hutton, who represented Britain at the meeting, called for an increase in oil production to push prices down. He added that Britain and other Western countries need to help developing nations reduce the environmental impact of their energy use. On Saturday, five key energy-consuming nations, the United States, China, Japan, India and South Korea, all called on oil producers to increase output to try to control the soaring prices.
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