"On the supply side, production and refining capacities should be increased in the short term. Joint efforts are also necessary to expand upstream and downstream investment in the medium term," the Group of Eight leaders, currently meeting in a luxury resort on northern Japan's Hokkaido Island, said in the statement.
Oil prices have risen more than 50 percent so far this year. Crude futures reached a record high of $145.85 in New York on Thursday before closing at a record of $145.29 a barrel.
The G8 statement also said that, "On the demand side, it is important to make further efforts to improve energy efficiency as well as pursue energy diversification."
To enhance energy security, the G8 leaders proposed holding an energy forum to focus on energy efficiency and new technology, which could also contribute to a dialogue between producers and consumers.
They also proposed an array of measures to promote improved transparency, accountability, good governance and sustainable economic growth in the oil extracting sector.
The G8 leaders also reiterated the importance of open raw materials markets.
"We call on our trading partners to strictly comply with WTO rules and to enhance the transparency and predictability of their measures in this area," the statement said.