"We cannot forever be in a market system in which the price is permanently on the rise, to the benefit of producers, who are building up major oil revenues. I have decided to alert all of my G7 colleagues to discuss this issue, among consumer nations, and that we present it to producing nations."
Finance Minister Christine Lagarde called on the G7 on Tuesday to press oil-producing nations to boost output in a bid to bring down prices that have reached record highs and thrown a spanner in oil-fired economies.

"We are aware and deeply disappointed by the current situation. We are doing everything we can to deal with these difficulties to enable TNK-BP to continue operating effectively and efficiently for the benefit of all its shareholders and for Russia."
A BP representative confirmed Tuesday that there were disagreements between the British and Russian shareholders in its 50:50 joint venture TNK-BP--a rift analysts expect will lead to changes in the company's ownership within a year.

Updated: May 27, 2008