Energy and trade ministers from Japan, India, Saudi Arabia and 17 other Asian and Middle Eastern nations will gather in Tokyo in April for talks on reviving investment in oil and gas projects after crude prices tumbled.

Japanese Trade Minister Toshihiro Nikai and Qatari Oil Minister Abdullah bin Hamad al-Attiyah will co-chair the third meeting of the Asian Ministerial Energy Roundtable on April 19, the trade ministry said in a statement in Tokyo today.
Oil ministers from Iran, Iraq, Qatar, Kuwait, Oman and the United Arab Emirates plan to take part.
There’s growing concern among policy makers of both oil- producing and consuming nations that a global recession will further slash fuel demand and cut investment in crude and natural gas projects, Yota Ono, director of international affairs at the ministry, told reporters today in Tokyo.
Crude oil futures in New York tumbled below $35 a barrel on concern that a global recession may deepen after the UK bailed out banks for the second time in three months. Oil climbed to a record $147.27 in July.
Qatar’s al-Attiyah said Jan. 14 that $70 was the right price for oil. Saudi Arabia has previously said $75 is an appropriate price for the Organization of Petroleum Exporting Countries, the supplier of 41 percent of the world’s crude oil.
Oil prices should be maintained at a level that encourages investment and helps to create a climate conducive to the development of viable energy sources, Saudi Oil Minister Ali al- Naimi said in New Delhi last week.
The agenda for the Tokyo meeting would cover various issues related to energy industry in Asia and Middle Eastern nations, the statement said.
The first round of talks was held in January 2005 after India proposed a gathering of oil producers and consumers, according to the statement. The second meeting was held in Riyadh, Saudi Arabia, in May 2007. (Source: Bloomberg)