High oil prices might become "a symbol of uncertainty" in the global economy if they fail to retreat from near record-high levels, according to Makoto Utsumi, president of Japan Credit Rating Agency Ltd.

Utsumi projects the Group of Seven nations will share optimistic views on the world economy at their Oct. 1 meeting in Washington. He noted, however, that if they judge that crude oil prices will not fall to around $20 or $30 a barrel in the near future, the issue will emerge as a thorn in the side of the global economy.

"We can expect that the G7 may call on China, a major oil-consuming country and the biggest factor in driving up oil prices, to move to adopt energy-saving measures," Utsumi, a former vice finance minister for international affairs, said in a recent interview ahead of the G7 talks.