G7 Countries: Oil Prices Threat to Economy
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WASHINGTON - Declaring that high oil prices are a threat to the global economy, the world's industrialized countries urged producers Friday to provide price relief by boosting supplies.    The Group of Seven countries - the United States, Japan, Germany, France, Britain, Italy and Canada - also resolved to agree on providing battered Iraq with relief from its massive debt burden while also working on a deal to increase debt relief for the world's poorest countries...
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Finance ministers from the Group of Seven (G7) wealthy nations gather in London to discuss the global economy.
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Recovery in the eurozone is battling higher oil prices and a rising euro as monetary union has so far failed to spur sustained economic dynamism in the 12 nations using the single European currency, the OECD revealed.
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World finance chiefs gathering for a G7 summit were upbeat on the outlook for the global economy, but warned that high oil prices could put an end to a five-year run of growth.
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Prospects for the global economy next year are growing dimmer as high oil prices hurt consumption and the unchecked rise in the United States trade deficit depresses the dollar
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As oil prices keep setting new record highs, there are growing concerns that Asia's energy-hungry economies can no longer continue absorbing the impact with crude creeping toward 60 dollars a barrel.
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Soaring oil prices once again  threaten to hijack Friday's meeting of finance chiefs from the  world's top economic powers, overshadowing China's debut in the  G7 spotlight.
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Darling warns of world 'turbulence' after anxious G7 debate
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Germany's economy could be seriously damaged by further increases in oil prices, the central Bundesbank said Monday.
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Tight oil supplies could leave the  global economy worryingly vulnerable for years to come, a  senior International Monetary Fund official said on Thursday.
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The International Energy Agency said that higher petroleum prices would hurt economic growth around the world next year.
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The soaring price of crude oil has become a risk for the world economy and will have a visible impact over growth next year, said International Monetary Fund Managing Director Rodrigo de Rato.
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Worried soaring oil prices could  hurt the best global prospects in years, finance chiefs from  wealthy nations met on Friday to try to work out what lay  behind the surge and how to buffer the economic expansion.
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Tearaway world oil prices, toppling records and straining wallets, present a new economic menace barely three months before the US presidential elections.
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Business & money: Finance chiefs from the G7 warn the global economy will slow down as a result of US mortgage crisis
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Washington, Sept. 30.(UNI): The expansion of the global economy could hit a 30-year record in 2004 but will likely slide in 2005 as a result of higher oil prices and other factors, the International Monetary Fund (IMF) sources said.
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PLEAS FOR OIL: President Bush warned Tuesday that surging oil prices threaten the U.S. economy and urged OPEC nations to boost their output. His plea drew little sympathy from oil-rich Saudi Arabia, which said production levels appear normal.