Why should OPEC Plus increase energy supplies? – OpEd – Eurasia Review


One is shocked and dismayed by the role played by the developed countries in the destruction of one oil-producing country after another. Over the years, they have teamed up with the United States to impose embargoes and/or virtually destroy oil-producing countries like Iran, Iraq, Venezuela, Libya, and Russia being the latest target.

It can be said that only the United States can be blamed for the ongoing conflict between Russia and Ukraine. Instead of facilitating the ceasefire, the United States is pouring tons of deadly weapons and billions of dollars into Ukraine to further fuel the war.

This has, on the one hand, cut off Russian oil and, on the other hand, halted the export of foodstuffs from Ukraine, adding to unprecedented inflation in the world.

Ministers from the Group of Seven nations on Friday called on oil-producing and exporting countries (OPECs) to act responsibly to ease the global energy crisis sparked by Russia’s invasion of Ukraine, even as they announced a decisive commitment to phase out coal. power supplied.

The call, issued at the end of three days of talks in Berlin focused on climate change, underlined that the world’s major economies were struggling to contain inflation and rising energy prices while respecting the environmental goals.

OPEC and its allies, a group known as OPEC Plus, of which Russia is a part, have so far pushed back on Western calls for a faster increase in oil production to reduce soaring prices.

“We call on oil and gas producing countries to act responsibly and respond to the tightening of international markets, noting that OPEC has a key role to play,” said a statement released after the G7 talks. .

“We will work with them and with all partners to ensure a stable and sustainable global energy supply.” G7 ministers have stressed that they will not let the energy crisis derail efforts to tackle climate change.

They announced a commitment on Friday to work towards phasing out coal-fired power, but did not set a date to do so.

The pledge was weaker than a previous draft final statement that had included a goal to end unrelenting coal-fired power generation by 2030.

Sources close to the talks said both Japan and the United States had indicated they could not support the date. But the pledge still marked the first commitment by G7 countries to transition away from coal power.

The war in Ukraine has sparked a scramble among some countries to buy more non-Russian fossil fuels and burn coal to reduce their dependence on Russian supplies.

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