Energy security is top of the agenda for oil-importing nations, efforts are made to diversify the source of oil supplies and build strategic petroleum reserves.

The price hike comes as crude oil costs continue to climb on energy security woes involving Iran and Nigeria. In fact, crude oil was trading above $65 per barrel this week - a level not seen since the hurricanes of 2005.

The debate here needs to be about moving away from oil as a means of looking at energy security. There are a lot of new technologies that can be looked at for this.

On energy security, oil, I believe the two sides will discuss beneficial cooperation.

There is strong commodity demand still emerging from Asia, which is expected to grow further as most of the demand is emanating from developing economies.

Currently freight rates are below their record highs of 2004, but when compared to historical averages, freight continues to remain strong.