Energy ministers from the world’s most industrialised nations, meeting in Japan, have expressed their worries about the soaring price of oil, after Tokyo said it could lead to a world recession.

On Friday, the cost of crude broke another record, going up eleven dollars in a single day. It now stands at $1.38 a barrel.

The ministers from the G8 countries, plus China, India and South Korea, fear crude oil could cost more than $1.50 by next month’s G8 summit.

Some countries want oil producers to boost output, which has remained at the same level since 2005 while demand from countries like India and China has risen dramatically.

Others want an end to the petrol subsidies common in certain countries, saying it shields consumers so they don’t reduce their consumption.

But India pointed to its recent attempt to raise prices, which was met with public protests.

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