OSAKA (Dollar discussions: Page 8) Finance ministers from the Group of Eight industrialized nations gathered Friday in Osaka to address the rising price of oil, the food crisis and funding for a new climate change initiative to help developing economies lower their greenhouse gas emissions.
With oil trading at over $136 a barrel Friday, the Osaka meeting is expected to look at not only macroeconomic issues like world oil supply and demand, but also at the role of speculators in driving up prices.
The food crisis, which has sparked riots in some parts of the world, has led to growing international pressure on the G8 to act more urgently to address both short- and long-term structural problems in the food supply chain.