Energy Ministers Seek to Ease Pressure Caused by High Energy Prices

APEC Energy Ministers will seek solutions to alleviate pressure on the regional economy caused by sustained high energy prices when they meet tomorrow in Korea.

While APEC Energy Ministers usually meet every two years this second consecutive meeting has been called to address ongoing concerns relating specifically to regional energy supply and demand.

The meeting in Gyenongju, Korea, on October 19 will take place under the theme of "Securing APEC's Energy Future: Responding to Today's Challenges for Energy Supply and Demand."

Dr Bong-Hyeon Joo, Director General for Energy Resources Policy, Ministry of Commerce, Industry and Energy said the meeting will discuss a number of issues relating to energy supply and demand as well as ways of promoting energy efficiency and conservation.

"Expanding oil field exploration and development, increased infrastructure investment and the removal of barriers to trade in oil are a few of the issues that will be covered by Ministers," Dr. Joo said.

"At the conclusion of this meeting Ministers will issue a declaration that is intended for implementation at a local level in Member Economies and by APEC fora.

"This meeting will involve Ministers identifying relevant factors relating to their specific circumstances and then seeking practical solutions that will work at home."

Dr. Joo said that Ministers will also look at opportunities to accelerate the development of more efficient energy technologies.

"Improving regional energy efficiency is a significant factor in bringing about a more affordable price balance between energy supply and demand in the long-term," Dr Joo said.

"APEC Member Economies are leaders in energy technology development. Through increased technological collaboration our region can reduce vulnerability to high energy prices while at the same time lessening environmental impacts."

The 7th Meeting of APEC Energy Ministers will also receive input from the Acting Secretary General of the Organization of Petroleum Exporting Countries (OPEC) and leading researchers and experts on energy economic issues.

The meeting will conclude with a Joint Ministerial News Conference that will be webcast via the APEC website: www.apec.org

The Energy Ministers' Meeting will be followed by the 2nd Meeting of APEC Ministers Responsible for Mining that will also take place in Gyeongju on October 20.