Ministers from the Group of Eight industrial powers have decided to accept a Japanese proposal that advocates flexible use of national oil reserves to maintain stable oil prices, Japanese sources said Friday.
The G8 ministers were to endorse the proposal via a statement scheduled for release late Friday, following a meeting in Detroit aimed at exploring ways to secure stable energy supplies during emergencies, the sources said.
Energy ministers from Japan's G8 partners — Britain, Canada, France, Germany, Italy, Russia and the United States — will assess international energy markets. They will focus on the tension in the Middle East and the suspension of Iraqi oil exports, and will discuss emergency responses and measures to cope with long-term energy security issues.
At an energy forum held the previous day in Detroit, trade minister Takeo Hiranuma proposed that member countries of the International Energy Agency coordinate the use of oil stockpiles in the case of supply disruptions.