G7 says monitoring high oil prices, ready to act to ensure supply

WASHINGTON -

Group of Seven finance ministers on Tuesday urged oil producing countries to increase their output to meet demand, and warned they were ready to sanction a release from strategic reserves to lean against elevated oil prices that could hurt global growth.

"We stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied," the G7 said in a statement. "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."

(Reporting By Alister Bull; Editing by Sandra Maler)