The Group of Eight leaders want countries that are awash in oil to ramp up their production and refining capabilities to bring skyrocketing oil prices back down to earth.

The G8 leaders said in a statement released Tuesday that oil-producing countries should increase their production capacity to meet rising global demand.

The leaders of the world's richest nations also encouraged countries that import oil to improve their energy efficiency and seek other sources of fuel.

The statement says the G8 leaders remain positive about the world economy despite their strong concerns about the rising cost of oil and fuel.

The G8 leaders also proposed holding a global energy forum to talk about energy efficiency and new technologies.

Crude has shot up nearly 50 per cent since the start of the year, and analysts expect that trend to continue into the second half of 2008.

The Group of Eight countries is made up of the Canada, U.S., Japan, Germany, Britain, France, Italy and Russia.