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Davos talks to focus on oil prices

26 January 2008

Officials from the UK, European Union, US and Japan are to meet at the World Economic Forum in Davos, Switzerland on Friday (January 25th) for talks on high oil prices, according to press reports.

The meeting comes in the wake of record high oil prices which hit $100 (£51) a barrel earlier this month.

With concern that the US is heading for recession, the issue of energy prices is expected to feature prominently.

The US is of the view that oil prices are impacting on domestic economic activity.

Washington has called on oil cartel Opec to increase crude supplies to dampen the inflationary hike.

Business enterprise and regulatory reform minister John Hutton is expected to meet with Japan's trade minister Akira Amari and other ministers on Friday.

Opec meets on February 1st to discuss supply issues.

Oil traded below $87 a barrel on Wednesday.

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