The Group of Seven (G7) finance ministers and central bank governors said here Saturday that the current high energy prices reflected both rising demand from strong global expansion and concerns about current and future supplies.

The G7 finance ministers and central bank governors, in a statement after meeting held here Saturday, said that the energy prices have eased somewhat recently.

"In addition to promoting greater transparency and reliability in energy market data, including through development of a global common standard for reporting oil reserves, we encourage investment in exploration, production, transportation and refinery capacity," said the statement.

The statement also called for renewed efforts by consumers toward energy efficiency, conservation and diversification and continued dialogue between consumers and producers.

Source: Xinhua