The Strategist

G7 urges oil-producing countries to increase production

10/13/2022 - 10:26

The G7 urged oil-producing nations to boost their output and plans to cooperate with OPEC+ in this area.

Barta IV
Barta IV
In spite of OPEC+'s "disappointing decision" to decrease output, G7 finance ministers and central bank governors urged oil-producing nations to expand production and indicated their willingness to cooperate with the cartel in the future.

"We continue to encourage oil-producing nations to raise output To lessen the turbulence in the energy markets. Despite their recent unfortunate decision, we will continue to work with OPEC+ countries on this crucial subject," reads the declaration.

At their first face-to-face meeting since the epidemic started in 2020, the oil-producing nations of the OPEC+ coalition decided last week to cut output by 2 million bpd beginning in November, extending the agreement through the end of 2023.