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South Korea's Bahk Urges G20 To Address Risk Of Rising Oil Prices

4/16/2012 2:19 AM ET

South Korea's Minister of Strategy and Finance Bahk Jae-wan on Monday urged his G20 colleagues to address the problem of soaring oil prices in their upcoming meeting in Washington DC on April 19-20.

"In our upcoming meeting, I would like to especially ask for your stronger resolve to address the problem of persistently soaring oil prices," Bahk wrote in his letter to the G20 Finance Ministers and Central Bank Governors.

He said that the G20 nations should send a stronger message that the governments stand ready to take every action possible, including commitments by major member countries to release their strategic oil reserves, if necessary.

Bahk also want the members to reaffirm the commitments made by producing countries last February, to continue to ensure adequate oil supply and further build on those commitments. "We could accelerate our work on developing measures to prevent speculators from threatening the stability of the market," he added.

Individual member countries should consider introducing the regulatory measures recommended by the International Organization of Securities Commissions last year for commodity derivatives markets, the minister added.

by RTT Staff Writer

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