G7 urges OPEC to act “responsibly” and de-escalate situation in markets

Energy ministers of G7 countries have asked the members of Organization of the Petroleum Exporting Countries (OPEC) to “act responsibly” in response to problems in the oil market and the stability of global energy supplies.

“We call on oil and gas producing countries to act responsibly and respond to the tightening of international markets, where OPEC has an important role,” says the final statement.

steady supply

In this sense, the members of the G7 express their desire help With these countries to ensure a stable and sustainable global energy supply.

G7 ministers recognize that higher energy prices will be felt in mature economies and developing countries that are net importers of energy and whose financial resources are exhausted, so it is necessary to consider effective measures To curb rising energy prices without compromising key climate policy mechanisms to promote the energy transition.

In this regard, they assure that the group will closely monitor planning To take further concrete and drastic action, if necessary, including countries outside the G7.

“We will act in solidarity and close coordination in the event of potential supply disruptions and do what is necessary to minimize the impact on our economies and citizensespecially to protect vulnerable groups,” they warn.

Russian dependency

Similarly, the G7 ministers have committed to continue to work together to guarantee the diversification of sources, supplies, routes and modes of transport of energy and important minerals so as to develop system resilience and promote competitive energy markets. can go, reliable and affordable based on transparent rules.

In this regard, they reiterate that the current crisis highlights a “real and urgent” need, as well as an opportunity for Europe to mitigate it. dependency of Russia by diversifying supply, accelerating the deployment of clean, safe and sustainable energy technologies and improving energy efficiency with significant progress towards the end of the year.

OPEC and its allies, led by Russia, the grouping known as OPEC+, have maintained their roadmap for months to gradually increase their combined output of crude, noting that markets are “geo- political factors and related issues”. Epidemic.

In early May, they decided that OPEC+ production would be done by June. 42,558 million barrels per day, as against the existing quota of 42,126 million. Saudi Arabia and Russia will assume the largest volume of production with 10.663 million barrels per day offered respectively.

As per the current quota of June, 10 countries OPEC members will have to produce a maximum of 25.864 million barrels per day, while the rest of the country can pump up to 16.694 million barrels.