The energy ministers from G-8 - the group of eight developed countries including France, Britain, Germany, Canada, Italy, Russia, Japan, and the United States, along with those of China, India and South Korea, held a one day meeting in the northeastern Japanese city of Aomori. A joint declaration was issued at the conclusion of their meeting and the ministers also announced the establishment of the International Partnership for Energy Efficiency Cooperation, a new framework aimed at facilitating energy-saving measures and transfer of related technologies1.

There was however marked difference between members over the cause of the rise in oil prices over the past 18 months. While China attributed it to mounting speculations, the US on its part insisted that it was due to unbalanced demands and supply.

The meeting was one among many ministerial gatherings in the run-up to the G8 Summit to be held in Japan's Hokkaido Prefecture on July 7-92.

• 1. “G8 plus three agree to promote energy efficiency for stable market, climate,” Xinhua Net, June 6, 2008, at http://news.xinhuanet.com/english/2008-06/08/content_8327912.htm
• 2. “Energy ministers focus on oil prices, global warming,” Xinhua Net, June 8, 2008, at http://news.xinhuanet.com/english/2008-06/08/content_8327362.htm