G8 urges oil industry to invest despite crisis

Published: 25 May 2009 07:54:24 PST

ROME, May 25 - The financial crisis must not delay investments in the oil sector that are essential to an economic recovery, G8 energy ministers and top oil officials from four OPEC countries said on Monday after a two-day meeting.

A statement signed by the 23 national delegations that attended the energy summit said governments and companies should plan investments and energy policies with a view to the long term and aim at raising transparency and reducing volatility.

"There is continued, renewed interest in stabilising oil prices so that the world economy can have a stable future," U.S. Energy Secretary Steven Chu told a news conference to close the summit.

The summit came as a rally in oil prices hover at a six-month high of over $60 a barrel, but producers fret it remains below the level needed to spur investment while consumer nations fear a price spike would hurt global economic prospects.