The G7 urges OPEC to act "responsibly" and alleviate the situation in the markets

MADRID, 27 May. (EUROPA PRESS) -

The energy ministers of the G7 countries have called on members of the Organization of the Petroleum Exporting Countries (OPEC) to "act responsibly" in response to problems in the oil market and the stability of the global energy supply.

"We call on oil and gas producing countries to act responsibly and respond to the tightening of international markets, where OPEC has a key role to play," says the final statement.

In this sense, the members of the G7 express their willingness to collaborate with these countries to guarantee a stable and sustainable global energy supply.

The G7 ministers recognize that high energy prices will be felt both in mature economies and in developing countries that are net importers of energy and whose financial resources have been depleted, making it necessary to consider effective measures to curb the rising energy prices without compromising key climate policy mechanisms to drive the energy transition.

In this regard, they assure that the group will closely monitor events to take more concerted and strict measures if necessary, including with countries outside the G7.

"We will act in solidarity and in close coordination in the face of possible supply interruptions and will do what is necessary to mitigate the impact on our economies and citizens, especially to protect vulnerable groups," they warn.

In addition, the G7 ministers have committed to continue working together to ensure the diversification of critical energy and mineral sources, supplies, routes and means of transport to build the resilience of the system and promote competitive, reliable and affordable rules-based energy markets. transparent.

In this sense, they reiterate that the current crisis highlights the "real and urgent" need, as well as the opportunity, for Europe to reduce its dependence on Russia by diversifying supply, accelerating the deployment of clean, safe services and sustainable energy technologies and improving energy efficiency, with significant progress possible by the end of the year.

OPEC and its allies led by Russia, the group known as OPEC, have maintained their roadmap for months to gradually increase their joint production of crude oil, considering that the market is well balanced, despite the effect of "geopolitical factors and related to the pandemic.

At the beginning of May, they decided that as of June, OPEC's production will be 42.558 million barrels per day, compared to the current quota of 42.126 million. Saudi Arabia and Russia will assume the largest volume of production, with an offer of 10.663 million barrels per day, respectively.

According to the quotas in force as of June, the 10 countries belonging to OPEC will have to produce a maximum of 25.864 million barrels per day, while the rest of the nations could pump up to 16.694 million barrels.