Tag Archives: G7 Countries

Nickel-rich Indonesia on Saturday’s G7 Summit in Hiroshima proposed the establishment of an OPEC-like organization for the silvery metal. The OPEC, which Indonesia was once a member of, is short for the Organization of the Petroleum Exporting Countries. OPEC says it aims to coordinate the petroleum policies of its member …

The Group of Seven (G-7) rich nations put support for gas investments back into their communique on Saturday, calling it a “temporary” step as they try to decouple from Russian energy, in a move climate activists say may hurt climate goals. The April meeting of G-7 climate ministers eventually agreed, …

Several countries, including the Netherlands, Chile, and New Zealand, are calling on the G7 to lead by example and take the lead in phasing out fossil fuels, according to a letter sent to the group of the world’s most industrialized nations, which Reuters has seen. “We must bring the fossil …

The Group of Seven (G7) and EU countries intend to ban the import of pipeline gas on routes where Moscow has previously cut supplies as part of the 11th package of sanctions against Russia. Azernews reports that the ‘Financial Times’ newspaper has published information about this with reference to the …

President Vladimir Putin has backtracked on an earlier move that banned Russian companies from exporting crude oil in compliance with the G7 price cap of $60 per barrel. In a decree issued at the end of December, Putin prohibited Russian producers from exporting crude oil and refined products on terms …

Energy and environment ministers of the Group of Seven wealthy nations have vowed to work to hasten the shift towards cleaner, renewable energy. But they set no timetable for phasing out coal-fired power plants as they wrapped up two days of talks in the northern Japanese city of Sapporo. The …

Group of Seven nations are butting heads over the timeline for phasing out coal-fired power ahead of next weekend’s summit of top energy and environmental ministers. Draft communique documents circulated before negotiations resume Tuesday and seen by Bloomberg News show the European Union, the US and Japan expressed reservations about …

The Russian oil price cap mechanism is still meeting its objectives, a G7 price cap coalition official told Reuters on Friday. Any Russian production cuts that may be forthcoming will disproportionately hurt developing countries, the G7 official added. Earlier on Friday, Russia announced a 500,000 bpd crude oil production cut—crude …

Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, later than originally planned in order to give time to assess the market after more caps are placed on oil products from Russia, the U.S. Treasury said on Friday. …

From 1 February, Russia will completely ban the sale of oil to countries that have introduced a price cap on its exports. The $60 (€56) cap was agreed at the beginning of December by the EU, the G7 group of nations and Australia. On 27 December, Russian President Vladimir Putin …