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G7: OPEC Countries Need To Increase Supply of Energy Resources

  • G7 stressed the necessity to reduce the dependence of Western countries on Russia. March. 24, 2022.

    G7 stressed the necessity to reduce the dependence of Western countries on Russia. March. 24, 2022. | Photo: Twitter/@UkrwarUpdates

Published 24 March 2022
Opinion

The G7 intergovernmental political forum called on OPEC countries and other oil and gas producing nations to increase their supplies of energy resources to international markets.  

According to the G7 summit held on Thursday at NATO headquarters in Brussels, given the current situation in the world in terms of energy resources, it is necessary to reduce the dependence of Western countries on Russian oil and gas. 

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The document states that the organization is acting to reduce dependence on Russian energy; however, it is silent on Russia's decision to only accept payments for gas in rubles.

According to the final statement of the G7 summit, OPEC countries have a crucial role in these difficult times, which is why they call on oil and gas producers to act according to the urgency of the moment that requests an increase in energy deliveries to the global market.

G7 countries will guarantee alternative and sustainable supplies while acting in a unified and coordinated manner, taking into account possible supply disruptions, the document highlighted. They expressed their commitment to support countries interested in gradually canceling their dependence on Russian energy resources.  

The G7 members are also seeking a transition to clean energy through a more rapid reduction in dependence on fossil fuels. In this way, it would be possible to fulfill the goals of the Paris Agreement and the Glasgow Climate Pact and contain the rise in global temperatures by limiting them to 1.5 degrees.

In this connection, Ursula von der Leyen, head of the European Commission, referred to an agreement on additional energy supplies from the United States, concluded on March 25 by her and U.S. President Joe Biden. The deal is intended to substitute Russian energy resources.

The United States is pushing for Western sanctions against Russia to be extended to trade in Russian energy resources. Still, major countries, including Germany, have already refused this request because they are dependent on Russian energy resources. The European Commission, for its part, has adopted a plan to reduce energy imports from Russia. The Commission states that the European Union must reduce Russian energy imports by two-thirds by the end of 2022.

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