World oil producer and consumer nations have called for increased investment in oil production and greater transparency and regulation of financial markets as part of measures aimed at taming record oil prices.

The final communique of the emergency oil summit held in Saudi Arabia on Sunday said current oil prices were harming the world economy and urged all parties to work together to bring stability to the market.

"Current oil prices and their volatility are detrimental to the global economy and in particular the economies of least developed countries," the statement said. ... Read full article