G7 says ready to take action on oil supply

WASHINGTON - Group of Seven finance ministers on Tuesday called on oil producers to increase output, saying these developed countries stood ready to take action to ensure market supply.

"We remain vigilant of the risks to the global economy. In this context and mindful of the substantial risks posed by elevated oil prices, we are monitoring the situation in oil markets closely," the G7 finance ministers said in a statement issued by the US Treasury Department.

The current rise in oil prices reflected geopolitical concerns and certain supply disruptions, according to the statement.

"We encourage oil-producing countries to increase their output to meet demand, while drawing prudently on excess capacity, and welcome Saudi Arabia's commitment in Los Cabos to mobilize, as necessary, existing spare capacity to ensure adequate supply," they added.