Korea wants G-20 to focus on oil prices

Korea’s finance minister has urged members of the Group of Twenty to jointly tackle soaring global crude oil prices that can hurt economic growth.

The Ministry of Strategy and Finance said Bahk Jae-wan sent letters to finance ministers and central bankers of other G-20 members ahead of an upcoming group meeting scheduled for Thursday and Friday in Washington.

In the letters, the policymaker said that in order to settle the current problem, the G-20 must show resolve and secure assurances from oil producers to ensure a steady supply of the critical resource.

He added that while the group, made up of important industrialized and developing economies, set up a long-term plan to try to stabilize oil prices in November, mounting geopolitical risks in the Middle East that can raise market concerns require immediate cooperation.

Bahk urged his fellow policymakers to send a unified message to the market by announcing all measures would be taken to prevent a surge in oil prices from destabilizing the fragile global economy.

The official also said the G-20 must take steps to implement guidelines recommended by the International Organization of Securities Commissions (Iosco) last year to regulate profit-taking by investors who distort the global energy resources market.

Yonhap