ITAR-TASS, 10.06.2006

G8 finance ministers deem it necessary to improve standards of reporting on oil stocks

St. Petersburg, June 10. /ITAR-TASS/ The finance ministers of the Group of Eight deem it necessary to improve standards for reporting on oil stocks and to elaborate classification of oil reserves, finance minister of the Russian Federation, Alexei Kudrin, said at the press conference held within the framework of the G8 finance ministers’ meeting.

“We discussed the prospects of improving the reporting standards for oil stocks and reserves, and creating the reserves classification,” he pointed out. According to Kudrin, “the ministers issued instructions to the international organizations that were able to handle the problem”.

Kudrin also noted that Russia had brought up the issue of the electric power consumers’ responsibility. “We were steadily increasing supply but we faced a consumption shock. Considering this, the importance of consumers’ responsibility is increasing,” Kudrin pointed out.