The International Energy Forum (IEF) Expressed Concern over the Oil Price Hike. 

The 11th International Energy Forum (IEF) ended its April 20-22, 2008 session in Rome with the participation of Ministerial delegations from 74 countries. A closing statement said ministers had expressed concern over "the current level of oil prices". 

The statement said there was real need for the producers and consumers to intensify talks to better address the common challenges of high oil prices, supply security, the environment and sustainable development of energy. The forum noted that "oil prices should be at levels that are acceptable to producers and consumers to ensure global economic growth, particularly in developing countries." 

The statement further declared that world energy demand is set to increase significantly in the coming decades, with strong growth projected in emerging economies and developing countries. The Forum stressed that bringing available resources to the market and removing the key uncertainty factors in the energy market require adequate and timely investment in the entire oil and natural gas chain. 

Source: International Energy Forum