Finance ministers from the Group of Seven nations, gathering in the US on 28 August, have called for a hike in oil production. A G7 statement said: “The current rise in oil prices reflects geopolitical concerns and certain supply disruptions. We encourage oil producing countries to increase their output to meet demand, while drawing prudently on excess capacity, and welcome Saudi Arabia’s commitment in Los Cabos to mobilize, as necessary, existing spare capacity to ensure adequate supply. We stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied.”