Energy ministers from five major energy consuming nations, including India, commenced their first-ever meeting here today, aiming to forge unity among themselves so as to ensure stable oil prices, vital for their energy security and continued growth.The one-day meeting is expected to issue a joint statement, urging the key oil producing countries to step up their investment and expand oil supply capacities to ensure adequate supplies for all.The meeting is also expected to issue a call to the international community to work together to send a clear signal to the oil market so as to enhance market transparency and curb excessive speculation to maintain stability.Union minister for petroleum & natural gas Murli Deora is representing India at the meeting, organised by China's National Reform and Development Commission (NDRC). Apart from India, the other four participants are China, the United States, Japan and South Korea.China, the United States, Japan, South Korea and India consume nearly 45.5% of the world's 3.77 billion tonne of oil. But sharply rising global oil prices are constraining their economic development.
