G7 countries to warn OPEC over oil prices
The warning may also include a threat by the US to release some of its strategic petroleum reserve onto the market. Finance ministers from the Group of Seven industrial nations will warn the oil exporters' cartel OPEC about the dangers of high oil prices, a British newspaper said on Sunday.
The Sunday Times newspaper quoted sources in Britain's Treasury as saying the warning will be issued when G7 leaders meet in the Czech capital, Prague, next weekend. Chancellor Gordon Brown will push his fellow G7 finance ministers to send a tough message to oil producing nations at the meeting, according to the Sunday Times.
The newspaper added that the warning may also include a threat by the United States to release some of its strategic petroleum reserve onto the market to drive down prices.
The oil price reached a 10-year high of 36 dollars per barrel in New York on Friday. Surging prices at the petrol pumps have provoked angry protests across Europe over the past week. –AFP.
©--Agence France Presse.
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