G7 urges oil and gas producing countries to ‘increase their deliveries’

G7 members on Thursday urged oil and gas producing countries to “increase their deliveries” to deal with rising energy prices and shortage risks stemming from the Ukraine invasion.

The Russian invasion of Ukraine causes “strong repercussions on international energy markets”, especially a “significant increase” in the price of oil, gas and coal, the energy ministers of the G7 countries (United States, Canada) said in a joint statement. , France, United Kingdom, Germany, Italy and Japan) after a videoconference meeting dedicated to Ukraine.

Therefore, “we ask the oil and gas producing countries to act responsibly and study their capacity to increase their international deliveries, since, above all, production is not at full capacity,” they said.

Even so, one of the G7 members, the United Kingdom, on Tuesday urged the other members to “end the use of Russian oil and gas”, in response to the Russian offensive in Ukraine.

European Union countries, highly dependent on Russian energy, do not want to ban its import for the time being.

On Thursday, the United Arab Emirates cooled expectations of increased production by the Organization of Petroleum Exporting Countries (OPEC) and declared that this group will keep its commitments to the OPEC+ alliance (which brings together the 13 members of OPEC and ten other countries, led by Russia).

OPEC members have refused to speed up production and remain committed to a gradual increase of 400,000 barrels a day per month. Russia is the world’s second largest exporter, after Saudi Arabia.

In reaction to statements from the United Arab Emirates, the price of a barrel of Brent oil rose 4% on Thursday morning in Europe, reaching US$ 115.38 at 08:55 GMT (05:55 GMT).

In turn, WTI, quoted in New York, was up 3.47%, selling at US$ 112.58 a barrel.