World's top economies demand upsurge in oil production

Faced with record-high oil prices, the world’s leading economies and oil consumers have pledged greater investment in energy efficiency and green technologies to control their spiralling thirst for petroleum.

In a joint statement, energy ministers from the Group of Eight countries - joined by China, India and South Korea – also urged oil producers to boost output, which has stalled at about 85 million barrels a day since 2005, and called for cooperation between buyers and producers.