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G7 calls on oil-producing countries to up production

Oil rises on fresh Middle East fears, equities advance
Source: Pixabay

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.


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Agence France-Presse (AFP) is a French international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency.

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