G7 calls on oil-producing countries to up production
- Economy
- AFP
- Published Date: 05:22 | 04 November 2022
- Modified Date: 05:46 | 04 November 2022
The Group of Seven club of rich countries called on oil-producing countries Friday 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 G7 also intends to finalise "in the coming weeks" the implementation of a Russian oil price cap mechanism, they said.