Asia, Middle East oil producers want rules

TOKYO, May 4 (UPI) -- Oil ministers from Japan, China, India, Iraq and Saudi Arabia are calling for investments in the energy sector and regulation to curb volatile oil prices.

The representatives agreed that when the economy picks back up, oil demand will skyrocket and curbing speculation will help stabilize oil prices when the time comes, Kyodo News reports.

In the meantime, investments are needed to maintain infrastructure and supply.

Japan warned that when the economy recovers and there is suddenly high demand again, it will likely cause a supply shortage.

"The (global) economy will sooner or later return to a track of expansion and focus will shift to the issue of energy," Economy, Trade and Industry Minister Toshihiro Nikai said. "It's not desirable that producers and consumers remain in conflict over oil prices at that stage."