Energy ministers are meeting in Japan a day after a record one-day jump in the crude oil price, to $139 a barrel. Under pressure from the US, Japan, China, India and South Korea have agreed on the need to end fuel subsidies, blamed for boosting demand.
US energy secretary Samuel Bodman said the price surge was a "shock" but not a crisis, amid fears the oil price spike could help tip some of the world's economies into recession.
Some suggest crude oil could reach $150 a barrel by July.
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