The G20 economic leaders also agreed to develop strategies to help meet the growing energy demands of developing countries, such as China and India.

A communiqué issued by G20 finance ministers and bankers at the end of the two-day economic summit said the expansion of energy supplies had struggled to keep up with demand growth, resulting in significantly higher prices.

“We agreed that enhancing global trade by strengthening markets and ensuring stability by promoting investment and encouraging efficiency are the best ways to deliver lasting resource security,” the communiqué said.

Australian Treasurer Peter Costello, who chaired the summit, said greater transparency was needed about resources and production, while adding that more efficient markets would let supply meet demand and reduce price volatility.

The delegates also agreed to monitor the links between energy and climate change policies.

The G20 includes the wealthy G7 countries – the United States, the United Kingdom, Germany, Japan, France, Italy and Canada – in addition to the European Union, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey.

Senior International Monetary Fund and World Bank officials also attended the meeting.