G7 urge OPEC to raise oil output

The Group of Seven top economic powers on Sunday 22 May called on all oil-producing nations to safeguard the world economy from soaring energy costs by raising production.

The G7 said steps to lower oil prices would benefit all countries.

"We now call on all oil producers to take action to provide adequate supplies to ensure that world oil prices return to levels consistent with lasting global economic prosperity and stability, in particular for the poorest developing countries," the communique