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G7: OPEC has Crucial Role in Tackling Oil Shortages

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OPEC oil cartel has a “critical role” in tackling the global oil market tightness and lowering high energy prices. That is what the G7, the group of seven rich industrialized countries, said in a statement.

 

OPEC and its allies, including Russia, will meet again next week to discuss the production.

“We call on oil-producing countries to act responsibly and take action against the tight international markets,” the G7 said. The G7 consists of Canada, Germany, France, Italy, Japan, the United Kingdom and the United States.

The European Union is also moving forward. OPEC+, as the alliance between OPEC and Russia is called, is gradually increasing oil production every month, but Western countries including the US want production to be increased even more. So far, OPEC+ has not heeded that call.

OPEC+ will hold another meeting on June 2. A decision is then expected to increase daily oil production by 432,000 barrels in July, as in May and June.

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