G7 says it will act to ensure oil supply

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WASHINGTON, Aug. 28 (UPI) -- Group of Seven finance ministers applauded Saudi Arabia's oil supply pledge but said they were ready to take further supply-related action if necessary.

The G7 industrial nations said they were "vigilant to the risks to the global economy" and were ready "to call upon the International Energy Agency to take appropriate action to ensure the market is fully and timely supplied."

"We remain committed to well-functioning and transparent energy markets," the group said in a statement in which they urged all oil producing countries to increase oil production.

"We encourage oil-producing countries to increase their output to meet demand, while drawing prudently on excess capacity to ensure adequate supply."

Aside from the political oil embargo against Iran to pressure the country on an alleged nuclear weapons program, Tropical Storm Isaac was upgraded to hurricane status and is threatening the Gulf Coast, the region that is home to 23 percent of the United State's oil production and 44 percent of the nation's oil refining capability.