OSAKA -- The eighth International Energy Forum moved into its second day Sunday with meetings between Asian energy ministers on how to cooperate more closely to ensure stable supplies in the face of mounting uncertainty in the Middle East.
Nearly 70 countries and 13 international organizations are gathered in Osaka until Monday to discuss ways to secure a stable energy supply, primarily using fossil fuel. Participants are motivated in part by mounting fears that a U.S.-led war in Iraq would disrupt oil supplies and drive prices up.
These fears are especially prevalent in the Asian region, which relies heavily on oil from the Middle East. The region already pays an extra one to two dollars per barrel more than for oil shipped to North America and Europe. This is known as the "Asia Premium," attributed in part to defects in the pricing mechanism.