They said a favorable investment climate needed to be created to maintain stable global economic growth.
Oil producing countries should ensure open markets and transparent activity, an atmosphere in which business can be done and a firm regulatory framework for investment in the oil sector, which will offer broader opportunities for foreign investment, the document said.
The G8 leaders also agreed to consider measures to foster the growth of oil production capacity.
A lack of transparency on the market fuels uncertainty, which can be ended with the establishment of a universal database on supply and demand for oil, which would be used by both oil producing countries and oil companies.
The G8 welcomed and embraced a joint initiative on oil statistics and urged all the states to contribute to its success.