G7 urges Opec to raise output to cool oil market

G7 urges Opec to raise output to cool oil market

G7 energy ministers have called on the Opec group of oil producing countries to pump more oil as Russia’s war in Ukraine pushes crude prices to their highest levels in a decade.

The call was contained in the final communique of a meeting of G7 energy and environment ministers in Germany, which holds the rotating presidency of the group of advanced industrial economies.

The ministers noted that the war had triggered an increase in prices for oil, gas and coal, stoking a surge in inflation that was putting huge strain on low-income households as well as businesses and industry.

“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 ministers said.

They also said it was a matter of “special urgency” for the EU to decrease its dependency on Russian natural gas, and stressed the important role increased supplies of liquefied natural gas (LNG) could play “in order to mitigate potential supply disruptions of pipeline gas, especially to European markets”.

Earlier this month, G7 leaders committed their countries to phasing out their dependency on Russian energy, including by banning imports of Russian oil.

The EU