Berlin wants G7 moves tocut oil market speculation

30th September 2004, Comments 0 comments

30 September 2004 , BERLIN - Germany wants the G7 industrial nations to impose transparency measures to curb oil market speculation that Berlin says is driving oil prices to record highs, a senior official said Thursday. The official complained that 60 percent of oil trades were "not real trades but paper trades" carried out by dealers. Crude oil prices rose to a record USD 50 a barrel earlier this week before dropping to USD 49 on Thursday. Germany and Britain willl present joint proposals for oil market

30 September 2004  

BERLIN - Germany wants the G7 industrial nations to impose transparency measures to curb oil market speculation that Berlin says is driving oil prices to record highs, a senior official said Thursday.

The official complained that 60 percent of oil trades were "not real trades but paper trades" carried out by dealers.

Crude oil prices rose to a record USD 50 a barrel earlier this week before dropping to USD 49 on Thursday.

Germany and Britain willl present joint proposals for oil market transparency at a meeting in Washington on Friday and Saturday of finance ministers from the Group of Seven (G7) nations.

The G7 members are Britain, Canada, France, Germany, Italy, Japan and the United States. Russia is a member of the G8 but the G7 continues to meet separately on global finance matters.

DPA

Subject: Germany news

0 Comments To This Article