The leaders of the Group of Eight leading industrial nations called Tuesday for increasing global oil and oil product output to resolve the issue of soaring oil prices, ITAR-TASS reported according to Prime-Tass.
The leaders, who met during a summit in the Japanese town of Toyako, also pledged to make sure that energy resource markets are open.
Meanwhile, Alexander Pankin, a Russian sous-sherpa, said Russia had discussed the proposed increase in global oil output but undertaken no mandatory obligations to increase oil production.
Commenting on energy issues, Russian President Dmitry Medvedev told reporters during the summit that he believed the Energy Charter did not work and proposed concluding new international accords to balance the interests of energy producers and consumers and transit countries.
"It’s obvious for us that some international conventions, including the Energy Charter, don't work or work in an unproductive way," he said.