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Statement by G8 leaders on global oil markets
May 19, 2012 / 5:57 PM / 6 years ago

Statement by G8 leaders on global oil markets

REUTERS - Following is the text of a statement on global oil markets from the Group of Eight leaders gathered at the presidential retreat in Camp David, Maryland. The text was issued by the White House.

Leaders walk to the family photo session at the G8 summit at Camp David, Maryland May 19, 2012. From L-R: Italy's Premier Mario Monti, Britain's Prime Minister David Cameron, German Chancellor Angela Merkel, U.S. President Barack Obama, France's President Francois Hollande, Canada's Prime Minister Stephen Harper, Japan's Prime Minister Yoshihiko Noda, Russia's Prime Minister Dmitri Medvedev and European Commission President Jose Manuel Barroso. REUTERS/Philippe Wojazer

There have been increasing disruptions in the supply of oil to the global market over the past several months, which pose a substantial risk to global economic growth. In response, major producers have increased their output while drawing prudently on excess capacity. Looking ahead to the likelihood of further disruptions in oil sales and the expected increased demand over the coming months, we are monitoring the situation closely and stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied.

Editing by Bill Trott

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