The G20 plan of action to turn the page on the global recession and improve regulation of the international financial system left energy completely out of the equation.
The word “energy” fails to appear even once in the final communique of more than 3,000 words issued after the 2 April London Summit. The closest reference to it comes in the paragraph before the last, where the leaders commit to reach an agreement at the UN Climate Change conference in Copenhagen in December 2009.
The signatories avoided potentially divisive topics such energy security and the importance of moderate oil prices for an enduring economic recovery because of the diversity of interests involved. And although several participants had issued calls for greater regulation of financial derivatives, which include oil futures and options traded on the Nymex and Ice exchanges, they were not among the areas that will be tackled according to the final communiqué.
Send comments to feedback@argusmediagroup.com
abts
