The International Monetary Fund (IMF) on Saturday called for further steps to increase investment and oil production.

The IMF's International Monetary and Financial Committee, in a communique released after a meeting, called for "further investment both now and in the long term throughout the supply chain, particularly in refining capacity including of heavy oil, and for efforts to create a favorable investment climate."

The committee held its 12th meeting in Washington under the Chairmanship of Gordon Brown, who is also the British Chancellor of the Exchequer.

"Oil producers, oil consumers, and oil companies will all have their part to play in working together to promote greater stability in the oil market," the Committee said.

The Committee said it "welcomes the action by members of the International Energy Agency and oil-producing countries to continue to increase supplies to the market."

The oil prices in the world market are high and volatile, especially exacerbated by the effects of Hurricane Katrina, which recently hit the coast states of the United States.

The Committee stressed the importance of policies to promote energy conservation, efficiency, and sustainability, including through new technologies, alternative sources of energy, and reducing subsidies on oil products.

The IMF also encouraged closer dialogue between oil producers and consumers, and further efforts to improve oil market data and transparency to improve market efficiency.

The next meeting of the committee will be held in Washington onApril 22, 2006, the communique said.

Source: Xinhua