China, hosting its first major energy summit over the weekend, urged top oil consumers to unite in the face of fluctuating global oil prices and maintain energy security. China, the United States, Japan, South Korea and India, which together use almost half of the world’s energy, agreed in a joint statement to strengthen co-operation in seeking energy alternatives, energy conservation and the sharing of information. The five consumer nations will also focus on diversifying energy sources, increase efficiency to reduce oil dependency, co-operate on strategic oil reserves, and encourage more investment in the industry to ensure sufficient supply. ‘We are trying to convey a rational and active signal to the world that its major oil consumers will strengthen co-operation in energy savings, increase efficiency, and seek oil alternatives,’ said Ma Kai, Minister of the National Development and Reform Commission (NDRC). Proposed by China, the first-ever meeting of energy ministers from the world’s leading oil consuming nations comes at a time of fluctuating prices and growing demand. Last year, the five countries consumed 45.2 per cent of the world’s oil production, Ma said. He said the five have shared interests and are confronted with common […]