G7 Vows Action to Stabilize Global Energy Markets Amid Soaring Prices
G7 leaders pledge to take 'necessary measures' to address energy price volatility that's fueling inflation and economic uncertainty across the world.
The world's leading economies have vowed to take decisive action to ensure energy market stability and avoid further disruption to the global recovery from the COVID-19 pandemic. At the recent G7 summit, leaders from the Group of Seven nations - the United States, Canada, United Kingdom, France, Germany, Italy, and Japan - expressed deep concern over the surge in energy prices and its potential to drive up inflation, erode purchasing power, and stunt economic growth.
In a joint statement, the G7 said they were ready to take necessary measures to maintain a well-functioning global energy market and protect the most vulnerable from the impact of rising costs. The statement highlighted the geopolitical tensions and supply chain disruptions that have contributed to the spike in oil, gas, and electricity prices worldwide.
{{IMAGE_PLACEHOLDER}}Source: Al Jazeera
