Tuesday, 29 November, 2022
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G7 calls on oil-rich countries to up production

G7 calls on oil-rich countries to up production

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The Group of Seven club of rich countries on Friday called on oil-producing states to increase production to help bring down prices, a month after OPEC+ decided to drastically reduce its output.

Increasing production should help "decrease volatility in energy markets" caused by the war in Ukraine, G7 foreign ministers said in a statement after talks in Germany.

The 13-nation OPEC cartel and its 10 allies headed by Moscow said in October it would cut production by two million barrels a day from November, raising fears oil prices could soar.

The G7 also said it intends to finalise "in the coming weeks" the implementation of a Russian oil price cap mechanism.

 Rising prices for energy in the wake of the Russian invasion of Ukraine, have driven a global surge in inflation and weighed on economic activity.