The Group of Seven is moving toward reversing a commitment to halt the financing of overseas fossil-fuel projects by year’s end, a proposal now viewed favourably by most members, according to people familiar with the matter.
Oil fluctuated as investors weighed a pledge by the Group of Seven to ban imports of Russian crude against a cut in official prices by Saudi Arabia and the impact of China’s energy-sapping lockdowns.
Energy ministers from the Group of Seven developed nations on Thursday agreed to boost efforts to cut their dependency on energy imports from Russia, Japanese industry minister Koichi Hagiuda said, reported Nikkei Asia.
