Update 7: G7 Countries: Oil Prices Threat to Economy
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Declaring that high oil prices are a threat to the global economy, the world&#39;s industrialized countries urged producers Friday to provide price relief by boosting supplies.
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The German finance minister, Hans Eichel, today warned that global growth would be at risk if oil prices remained at their current levels.
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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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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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ABU DHABI/VIENNA  - OPEC is worried by a fall in the dollar that is eroding member states' oil revenue and ministers will take up the issue when they meet next week to discuss new output curbs.
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Global oil prices are likely to   continue volatile as supplies remain tight, the International   Monetary Fund's chief economist said on Thursday.
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The IMF, World Bank and G7 finance ministers will say that the world economy has a vibrant heartbeat when they meet next week in Singapore, but tremors are present in the form of slowing US growth and high oil prices.
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A global economic slow-down is looking more likely because of higher oil prices and a US housing dip, the IMF warns.
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Another year of record-high oil prices may dent world economic growth in 2005, with China being particularly vulnerable, an OPEC official said Tuesday.
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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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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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The high level of oil prices is posing a risk for the European economic recovery, European Union industry lobby group UNICE said.
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Finance chiefs from the biggest developing economies on Saturday pushed the Group of Seven (G7) industrialized nations for a seat at the high table of global economic policy making.
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ELEANOR HALL: The high price of oil is already threatening global economic growth, but that price could yet be pushed higher by events in Russia.
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Global oil prices boomed on Wednesday, spreading fear that energy prices will restrain economic activity, as traders worried about a heating oil supply crunch in the American winter.
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Ministers for the Organization of the Petroleum Exporting Countries are gathering in Vienna on Wednesday to grapple with whipsawing prices and the world&#39;s seemingly insatiable demand for oil.
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RECORD oil prices are likely to depress growth in the 12-nation eurozone next year, the European Commission warned yesterday as crude stayed close to the all-time highs it hit on Monday.