Aomori, Japan - Energy ministers from Japan, the United States, China, India and South Korea expressed "serious concern" Saturday at record-high oil prices, saying they were not in the best interests of consumers or producers.

Speaking at the close of a one-day meeting in Aomori, the ministers said oil producing countries had to invest more in the development of oil and gas.

However, the ministers only agreed on the necessity to abolish price subsidies, according to Indian and Chinese delegates atthe talks.

Speaking earlier Saturday, Japan's Minister for Economics, Industry and Trade, Akira Amari, said oil prices "are major risk factors for a recession in the world economy, not to mention energy security."

US Energy Secretary Samuel Bodman said speculators were not behind the rising oil prices and noted that the present problems had been brewing for a long time and could not be resolved in "months or even in one or two years."

Speaking to journalists before the start of a meeting of energy ministers from the Group of Eight leading industrial nations on Sunday, he added: "Oh well, it's high. But it's a factor of increasing demand with the flat supply."

China, India and South Korea will also attend Sunday's meeting.

On Friday, oil prices on the New York stock exchange surpassed the 139 dollar per barrel mark.

Asked whether hedge funds were sending prices soaring, Bodman said "no" and said he did not see any need to tighten financial regulations. (dpa)