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World energy security vital for economy

By Le Tian (China Daily)
Updated: 2006-07-18 08:27

President Hu Jintao yesterday called for international dialogue and co-operation between energy exporters and consumers to ensure global energy security.

To do this, the international community should work together to maintain a sound political climate favourable to safeguarding the stability of energy-producing countries and regions, the Middle East in particular, Hu said at the outreach session of the Group of Eight (G8) Summit that concluded in Saint Petersburg yesterday.

The meeting gathered the heads of G8 members the United States, Britain, France, Germany, Italy, Canada, Japan and Russia  and leaders of six developing countries  China, India, Mexico, South Africa, Brazil and the Republic of Congo to discuss energy security, prevention and control of infectious diseases, education, African development and other topics.

"To ensure global energy security, we need to develop and implement a new energy security concept that calls for mutually beneficial co-operation, diversified forms of development and common energy security," Hu said.

Energy security topped the agenda of the annual summit of the world's leading economic powers, which was hosted by Russia this year and took place at a time of strain in the global energy market.

Oil prices hit a record high last Friday of more than US$78 per barrel because of the escalation of the Middle East conflict and the Iran nuclear stand-off.

Persistent high prices have adversely impacted global economic growth, which hurts the interests of both oil producers and consumers, Hu pointed out. "Global peace and regional stability are critical to ensuring global energy security," he said.