The Group of Seven calls on the oil countries to increase their production and pledges to continue supporting Ukraine

The Group of Seven agreed to create a "coordination mechanism" to help Ukraine rebuild infrastructure targeted by Russia, and the group also called on oil-producing countries to increase their production to help lower prices.

The Group of Seven called on oil-producing countries to increase their production to help lower prices, a month after the OPEC + decision to significantly reduce black gold extraction.

The closing statement Friday of the meeting of the Group of Seven foreign ministers in Münster, Germany, said that the increase in production would help "reduce the volatility of energy markets" in the context of the war in Ukraine.

The Group of Seven is also seeking to finish "in the coming weeks" the start of work under a mechanism for setting a ceiling on Russian oil prices.

The purpose of this unprecedented mechanism, which was put in place this summer, at the instigation of Washington, is to reduce the income associated with the sale of fuel, which funds Moscow's attack on Ukraine.

To finalize this measure, which Moscow has harshly criticized, the West must set the price ceiling, which must be higher than the cost of production, in order for Russia to retain an interest in selling its oil to the market.

Pledge to continue supporting Ukraine

In the final statement, the G7 agreed to create a "coordination mechanism" to help Ukraine rebuild infrastructure targeted by Russia.

"Today we have established a G7 coordination mechanism in order to help Ukraine repair, restore and defend its critical energy and water infrastructure," the ministers explained after the meeting.

"We reaffirm our firm commitment to continue providing the financial, humanitarian, political, technical and defense support Ukraine needs to alleviate the suffering of its people and defend its sovereignty and territorial integrity within its internationally recognized borders," the G7 foreign ministers said.

In their final statement, they also denounced Russia's "unacceptable nuclear rhetoric."

And they warned that "any Russian use of chemical, biological or nuclear weapons will lead to dire consequences."

The industrialized countries (USA, Canada, France, Germany, Italy, Britain and Japan) also rejected Moscow's "false" accusations that Ukraine is a "dirty bomb".

They noted that the investigation conducted by the International Atomic Energy Agency "confirmed that these allegations are baseless."

The G7 will continue to impose "economic prices on Russia and other countries, individuals or institutions that provide military support to Moscow's war (...) as some of us have done with regard to Iran's delivery" of drones to Russia, the ministers said.