PARIS, May 3: The International Energy Agency countries committed on Tuesday to increase energy efficiency in order to reduce their vulnerability to high oil prices. Ministers from the 26 IEA oil-consuming countries said they would take stronger actions to curb their growing energy import dependence and lessen their vulnerability to high and volatile energy prices, including through increased energy efficiency measures.

“Today’s prices demand actions to stimulate and diversify energy supply and curb demand,” they said in a statement following their two-day ministerial meeting.

“Persistent high energy prices are a significant concern for us, as they are a drag on economic activity and growth, and penalize the poor. We remain resolute in our commitment to act together to ensure adequate supply in times of market disruption,” they said.

The ministers of the IEA, the agency charged with the energy security of the OECD, the world’s 30 wealthiest nations, said speculation was a concern in oil markets, but it was not the underlying cause of volatility and high prices.—AFP