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G8 to create forum on oil prices, output: diplomat

TOYAKO, Japan
Tue Jul 8, 2008 1:33am EDT

TOYAKO, Japan (Reuters) - Leaders of the Group of Eight major industrial nations agreed on Tuesday to bring major oil producers and consumers together in a world energy forum to discuss output and prices, a G8 official said.

"The forum would be like Jeddah, but broader," the diplomat told Reuters, referring to recent discussions in Saudi Arabia led by the oil cartel OPEC.

"The leaders said it was not enough to say they were concerned (about oil prices). They felt they had to indicate action would be taken."


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