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Energy ministers from the Group of Eight nations, including China, Japan and the United States, wrapped up a one-day summit in Japan by issuing a joint declaration noting that the run-up in the price of oil, which reached $139 per barrel Friday, was unprecedented and calling on oil-producing countries to help ease the turbulent market, the Kyodo news agency said.

The nations also agreed it would be best for the world market if politically popular, but market-distorting, government subsidies to national oil industries were eliminated.

"Undistorted and market-based energy pricing helps markets send the appropriate signals to enhance energy efficiency and increase investment in alternative sources of energy", Kyodo quoted the summit statement as saying.

Japanese Industry Minister Akira Amari led the meeting in Aomori, Japan, and hailed it as the first time in which the world's biggest oil consumers have agreed to act together to tackle its soaring prices and ensure energy security, Kyodo reported.

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