'G-8 meet to confer prospects of oil price rise'

Moscow, May 23: Russian Economic Development and Trade Minister German Gref today said the leaders of the Group of Eight (G-8), at their summit in St Petersburg, will discuss prospects for rises in oil prices.

''The world expects the summit to give answers to key issues linked to factors on which oil price dynamics depend. Besides demand, there are a number of political aspects that need to defined,'' he told reporters, referring to the continuously increasing oil prices.

''Should we fail to receive answers, we will at least learn the positions of leading states on the issue,'' Mr Gref pointed out.

''I am not going to predict how tough the discussions on the issue will be, that results are achieved in two months is the most important thing,'' he said.

The summit is to be held on July 15-17, for the first time under the rotating presidency of Russia. President Vladimir Putin has especially invited Prime Minister Manmohan Singh to participate in the summit as observer.

UNI