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OPEC asked by G7 to raise output

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Following a meeting in Germany of the G7’s environment and energy ministers, the group has, in the meeting’s final communique, urged OPEC and other oil and gas producers to increase production in response to the effects of Russia’s invasion of Ukraine.

The group pointed out how the invasion had pushed up oil, gas and coal prices, which in turn was feeding into inflation and creating challenging conditions for industries, businesses, and low-income households. The ministers said in the communique:

“Recent events have also given rise to significant risks to the energy supply security of G7 countries and beyond. We call on oil and gas producing countries to act in a responsible manner and to respond to tightening international markets, noting that OPEC has a key role to play.”

The communique continued by saying that the G7 would work with OPEC and other partners to guarantee that global energy supplies are sustainable and stable. For its part, Saudi Arabia, which is generally regarded as the leading player in OPEC, has rebuffed previous similar calls from western countries, saying that there is no shortage in the supply of oil, despite some OPEC members finding it hard to fulfil their current production quotas.

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