Aomori (Japan), June 8 : Addressing G-8 countries at Aomori in northern Japan today, Japanese Trade and Energy Minister Akira Amari warned of a global recession if they do not act quickly to control soaring oil prices.

“What actions we take to address the challenges that we face will have an extremely important effect in solving the global energy issue,” he said.

With oil prices hovering above 139 dollars, G-8 countries along with China, India and South Korea are mulling over alternatives to counter global oil crisis in Aomori.

The meeting is significant as these 11 nations consume nearly two-third of the world energy.

Yesterday, Morgan Stanley had predicted that oil prices may reach 150 dollars by July 4.

Besides energy security, climate change also will be considered by the countries, which emit 65 percent of carbon dioxide responsible for global warming.

Conservation of energy, development of clean energy, including setting up energy-saving plants is high on the agenda.

The participating countries had earlier called for reducing subsidy on fuel to be replaced by alternative policies aimed at masses.

But China and India said they could raise domestic rates gradually. Indian ambassador to Japan, Hemant Krishan Singh, said controls which shield 110 crore people could not be abandoned. (ANI)