Platts reported that the G7 nations have called for oil exporters to increase production, an unexpected move that indicates the group’s concern that high oil prices will hurt the still-delicate global economy.
As quoted in the market news:
In a short statement, the G7 ministers also hinted at the possibility of calling on the International Energy Agency to tap emergency oil stockpiles to ensure the market remains well supplied.
“We remain vigilant of the risks to the global economy. In this context and mindful of the substantial risks posed by elevated oil prices, we are monitoring the situation in oil markets closely,” the finance ministers said in the statement.