Asia, ME call for energy speculation limits

JAPAN: Major oil-producing and consuming nations in in the Middle East and Asia called for limits on speculation in the energy industry as they ended a one-day dialogue here Sunday.

Ministers and officials from 21 countries said continuous investment was needed to meet a rise in demand in Asia over the medium-to-long term.

“Participants recognised that excessive fluctuations in oil prices are undesirable for both energy producers and consumers and that financial markets have an impact on oil price formation,” said a summary issued after the meeting by co-chairs Japan and Qatar.

“Regarding transparency of commodity markets and supervision on over-the-counter markets, participants appreciated national authorities’ efforts and called for further harmonised actions such as introduction of position limits,” it said.

Tokyo, Monday, AFP