APEC pledges to phase out fuel subsidies - draft

SINGAPORE, Nov 11 (Reuters) - Members of the Asia Pacific Economic Cooperation forum will pledge to phase out fossil fuel subsides over the medium term, according to a draft statement from their finance ministers.

The statement obtained by Reuters on Wednesday and dated Nov. 10 also said the 21-member grouping will publish timely oil output, consumption, refining and stock data from January 2010 to increase energy market transparency and stability.

"We committed to rationalise and phase out over the medium term inefficient fossible fuel subsidies that encourage wasteful consumption," the statement said, adding that people in need of essential energy services can be given "targeted cash transfers".

The APEC group includes top oil consumers such as the United States, China and Japan, plus energy producers such as Russia, Indonesia and Malaysia. (Reporting by Bill Tarrant and Manny Mogato; Editing by Neil Chatterjee)