High oil prices 'a threat to gobal economy'

Declaring that high oil prices are a threat to the global economy, the world’s industrialized countries urged producers to provide price relief by boosting supplies.

The Group of Seven (G7) countries – the US, Japan, Germany, France, Britain, Italy and Canada – also resolved yesterday to agree on providing Iraq with relief from its massive debt burden while also working on a deal to increase debt relief for the world’s poorest countries.