G-7 Calls for Lift In Oil Production

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The Group of Seven leading industrialized economies appealed to the world's major oil producers to boost output as fears about Hurricane Isaac and tensions with Iran pushed up oil prices.

The G-7 nations, the U.S., Canada, Japan, U.K., Germany, France and Italy stopped short of coordinating a release of emergency oil stockpiles despite mounting worries about the damage from rising fuel costs on already weak economies.

We encourage oil-producing countries to increase their output to meet demand, while drawing prudently on excess capacity, finance ministers from the G-7 nations said in a statement on Tuesday.