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Finance leaders from the Group of Seven (G7) countries on Friday expressed their concerns over the soaring oil prices and called on more investment in the production of oil and oil products.

In a joint statement after a close-door meeting of the G7 finance ministers and central bankers, the seven industrialized countries said that the strong global economic expansion continues into its fourth year and the outlook remains favorable. But "risks remain from oil market developments, global imbalances and growing protectionism."

"We are strengthening the dialogue between oil producers and consumers to further improve market transparency through the release of more complete and timely data on production, consumption and inventories, and for clear reporting of oil reserves," the statement said.

G7 countries "urge investment in exploration, production, energy infrastructure and refinery capacity" and "remain committed to greater energy efficiency, conservation and diversification, which will improve the balance between supply and demand."

The finance officials also called for more flexible exchange rates to help redress global economic imbalances.

"We reaffirm that exchange rates should reflect economic fundamentals" and "excess volatility and disorderly movement in exchange rates are undesirable for economic growth," the statement said.

"Greater exchange rate flexibility is desirable in emerging economies with large current account surpluses, especially China, for necessary adjustments to occur," it said.

The statement came ahead of the joint spring meeting of the International Monetary Fund and the World Bank. The G7 consists of the United States, Japan, Germany, France, Britain, Italy and Canada.

(Xinhua News Agency April 22, 2006)