High oil prices affect poor countries, hamper world economy: Russian minister

MOSCOW, March 16 (Xinhua) -- High oil prices had affected poor nations and hampered global economic growth, Russian Industry and Energy Minister Viktor Khristenko said here on Thursday.

In his remarks to open the two-day energy meeting of the Group of Eight (G8), Khristenko said that the price situation was "not very favorable (on global markets) at the moment, as high oil prices had sent prices for other energy resources and some other products up."

The oil price fluctuations and their contingency on unpredictable economic factors influenced global economic trends, and were particularly harmful for poor nations, the minister said.

"Massive investments would be needed to create an effective system of global energy supply resistant to shocks," Khristenko said.

He urged all parties to work toward producing a comprehensive and forward-looking energy action plan.

The meeting was expected to focus on a range of issues, including diversification of energy supplies in the face of increasing demand, as well as development and implementation of "clean" technologies.

Russia has declared energy security the No. 1 issue for its G8 presidency this year.

The energy ministers of Brazil, India, China, Mexico, and South Africa as well as representatives of the World Bank, the Organization of Petroleum Exporting Countries (OPEC), the International Atomic Energy Agency (IAEA), the International Energy Agency (IEA), and the International Energy Forum were also attending the meeting.