SINGAPORE. Nov 10: Oil hogged the limelight at one APEC meeting this year but is unlikely to steal the show again when the 21-nation forum kicks oil next week in Brunei due to other more pressing economic and political matters, says Reuters.

Delegates to the forum said a cooling of world oil prices and political and economic uncertainties within member countries should keep oil off the summit radar.

The urgency of the topic has receded more or less." Kyung Tae Lee. the incoming chairman of APEC's econOrhib'Committee, told Reuters from Seoul.

A Southeast Asian delegate agreed. The important thing is price stabilisation. If there is price stability then the issue will become less urgent." the delegate said.

“There are many economics within APEC which are major importers and worry that price volatility could derail economic recovery."

International Brent crude oil prices have fallen by nine per cent since hitting a very shortlived 10-year peak in October but are still seen by consumers to be firmly etched at uncomfortably high levels.

APEC Asia-Pacific Economic Cooperation, groups 21 economies around the Pacific including the United States. Japan. China. Russia and Mexico as well as many Asian nations.

Formed in 1989. the loose forum accounts for 60 per cent of global gross domestic product and 45 per cent of world

APEC ministers meet on November 12-13 in the tiny oilrich sultanate, with their leaders taking over at a summit on

November 15-16.

Uncannily, the talks coincide with a meeting of the Organisation of Petroleum Exporting Countries, as did September’s gathering of finance ministers. The oil cartel meets in Vienna on November 12.

Oil burst onto the APEC finance ministers' agenda when they met in September in Brunel as prices soared to 10-year highs, pitting consumers and producers within the grouping against each other, sidelining initiatives for regional financial development.

After much wrangling- the ministers issued a statement noting the risk posed by oil price volatility to world growth and calling for an appropriate increase in supplies to promote long-term price st'abilin

The sources said the wording of a draft declaration to be issued by APEC leaders in Brunei this time is similar.

"It notes the risk of high prices and need for stable prices at sustainable levels. There's a call for an appropriate increase in supply." said one source who has seen the draft.

Lee said sub forums will meet to elaborate on specific measures APEC can take to bring about long-term price stability

Delegates said oil issues could bubble back up to haunt the APEC leaders if OPEC ministers send bullish signals from Vienna.

But oil sources said this was unlikely, especially after Venezuelan Energy Minister Ali Rodriguez said OPEC would raise output by another 500.000 barrels per day if prices stay above its S22-28 per barrel