G7 urges OPEC to increase oil production

Logo of OPEC

G7 energy ministers called on OPEC to pump more oil as oil prices hit their highest level in a decade on Russia’s war in Ukraine, Financial Times reported.

The ministers noted that the war led to an increase in prices of oil, gas and coal, boosting 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,” they added.