G7 calls on Opec to play key role to ease global energy supplies

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G7 calls on Opec to play key role to ease global energy supplies

Ministers from the Group of Seven countries on Friday called on Opec to act responsibly to ease a global energy crunch brought on by the Russian invasion of Ukraine, even as they announced a breakthrough commitment to phase out coal-fuelled power.

The call, made at the end of three-day talks in Berlin focused on climate change, underscored that the world’s major economies were grappling with how to contain inflation and higher energy prices while sticking to environmental goals. Opec and its allies, a group known as Opec+, has so far rebuffed Western calls for a faster increase in oil production to lower surging prices.

“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,” said a communique at the end of the G7 talks.

“We will work with them and all partners to ensure stable and sustainable global energy supplies.” Ministers from the G7 group stressed that they would not let the energy crisis derail efforts to fight climate change.

They announced a commitment on Friday to work to phase out coal-powered energy, although failed to set a date.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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