G-7 agree to work for stable energy supply

The Group of Seven energy ministers vowed to lead efforts to ensure stable energy supply, in a joint statement released after their two-day meeting in the city of Kitakyushu through Monday. 
"We commit to continue to take a leading role in enhancing global energy security," the G-7 ministers said in the statement. 
"Well-functioning and transparent markets, diversified energy fuels, sources and routes, enhanced energy efficiency and improved energy system resilience are all necessary for furthering energy security", the statement said. 
Japan and European members of the G-7, as energy importers, also vowed to improve market and logistics infrastructure for natural gas, so that they can create free and highly transparent markets. 
As part of the efforts, Japan, which chaired the Kitakyushu meeting, released its liquefied natural gas market strategy, under which an original LNG price index will be created by 2020 to change the current situation, viewed as favorable to exporters including in the Middle East. 
In the joint statement, the G-7 ministers noted their common concern that sluggish crude oil prices could put a drag on investments by oil and gas developers, causing supply shortages eventually.