"Global problems require global solutions," Britain's finance minister, Gordon Brown, told reporters at the end of two days of informal talks with his European Union counterparts in Manchester, northern England.

He said the ministers had agreed that the dialogue between major oil producing countries and those that consume it needed to be strengthened in order to increase oil supplies.

The EU is engaged in dialogue with Russia, Norway and the OPEC cartel of producer nations, and Brown said he spoke to the Saudi Arabian finance minister about developments early on Saturday, but gave no details of their talks.

The ministers called on oil producing countries to invest revenues from the price rise in new capacity, and urged oil companies to increase investment in oil exploration, production, refining capacity and alternative energy sources.

They also emphasised the need for increased energy efficiency and energy savings and for efforts to improve the transparency of oil markets, particularly through increased reporting of oil reserves.

Brown said demand for oil will continue to grow strongly over the next two decades, making the investment in new capacity essential.

World oil prices rose again on Friday amid renewed supply concerns after data revealed severe disruptions to production after Hurricane Katrina caused widespread damage to oil rigs in the Gulf of Mexico and refineries in the southern United States.

Prices hovered between 63 and 65 dollars per barrel in London and New York.