The G7 countries on Thursday called on gas and oil producing countries to “increase their deliveries” to cope with rising energy prices and the risk of shortages linked to the invasion of Ukraine.
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The Russian invasion of Ukraine has “strong repercussions on the international energy markets”, in particular “significant increases” in the prices of oil, gas and even coal, underline in a joint declaration the ministers of energy of the G7 countries following an extraordinary virtual meeting devoted to Ukraine.
“We note with grave concern the burden this places on households, particularly low-income households, as well as on business and industry, particularly in European countries,” the US ministers continued, from Germany, Great Britain, France, Italy, Japan and Canada.
“We also recognize that rising prices will be felt most harshly in developing countries that are net energy importers and whose financial resources are already depleted,” they note.
Since its outbreak on February 24, the Russian military intervention in Ukraine has been causing concern in world markets. The prices of gas and oil, of which Russia is a major supplier, have soared.
“We agree to closely monitor the development of the situation in order to take new concerted measures if necessary, in particular by collaborating with Indonesia, which holds the presidency of the G20”, assures the G7, chaired this year by Germany. .
“It is necessary to consider effective measures to stop the increase in the price of gas”, they specify.
“We call on oil and gas producing countries to act responsibly and review their ability to increase deliveries to international markets, especially when production does not reach full capacity,” further ask the countries of the G7.
In this regard, the Organization of the Petroleum Exporting Countries (OPEC) “has a key role to play” as it refuses for the moment to increase its production to relieve the market.
