Group of Eight energy ministers looked inward for solutions to record oil prices on Sunday, touting the need for domestic efficiency rather than piling pressure on a resistant OPEC to pump more crude.
Oil prices posted their biggest ever one-day surge on Friday, leaping more than $10 to a record high above $139 a barrel.
Soaring oil costs dampen global economic growth, worsen inflationary pressure and raise the risk of more protests by fishermen, truck drivers and others whose livelihoods are under threat.
Caught between mounting popular discontent at home and the need to invest billions in greener energy to cut world carbon emissions, the G8 ministers offered few new ideas for heads of state to consider at their summit next month.
"(On) energy efficiency and energy diversification, we all recognize that tremendous progress is being made but more has to be done," said Gary Lunn, Canada's Natural Resources Minister.
In a group ranging from top oil consumer the United States to No. 2 exporter Russia, few had expected the meeting to result in measures that could stem oil's six-year rally, which has gathered pace this year as investors fear the world will struggle to produce enough crude to meet demand in the decades ahead.
However, their message appeared to reflect a growing acceptance that consumer nations must find ways to temper their own demand by focusing on technology, conservation and diversification rather than hounding OPEC to pump ever more oil, as Australia's prime minister urged earlier in the day.
The group of G8 ministers plus non-G8 guests China, India and South Korea, which together consume two-thirds of the world's energy, said they shared "serious concerns" over the cost of oil.
Analysts said they were on the right track.
"This is the right development and this will...improve the supply and demand balance in the medium- and long-term, but it won't have an immediate impact on prices," said Toshinori Ito, senior analyst at UBS Securities Japan.
"Oil prices are surging not because of a supply shortage, but because of massive liquidity," Ito said, referring to the influx of financial funds into markets, helped by low interest rates.
The G8 comprises the United States, Britain, Canada, France, Germany, Italy, Russia and Japan.
