Let's break down this dense text into digestible, fun-to-read chunks. I promise it won't be as bland as unseasoned mashed potatoes. Let's go!

• The G7, comprising of seven High-Income Countries (HICs) - USA, France, Germany, Italy, the UK, Japan, and Canada, is not a formal institution but is like an exclusive high-school group advising on global issues. Think of it like the United Nations, but just for the rich kids.
• These cool cats first came together to tackle the rise in oil prices following OPEC's decision to tighten control on the world's oil. Yes, it's a bit like a group of friends coming together to bargain for a cheaper movie ticket.
• In 1998, they invited Russia to the party and became the G8. Unfortunately, Russia got suspended due to its activities in Ukraine. Imagine being suspended from a group chat because you didn't follow the rules - that's how Russia must have felt!
• The G7 has been criticized for not always delivering on its promises and for not representing emerging economies. Imagine if the student council only included straight-A students - not very representative, is it?

• The G7 tries to address various global issues, from the economic recovery of Ukraine and the EU to international security. It's like a club at school trying to handle everything from organizing the annual day to managing the school newspaper.
• However, disagreements often surface. For instance, while some members support imposing austerity packages (like the annoying friend who always wants to save money), countries like the US prefer strategies to revive domestic demand and promote growth (the friend who spends on fun things to make everyone happy).

• The G20 is like a family reunion but with countries. It includes 19 countries and the EU, aiming to discuss policy issues about global financial stability.
• Collectively, these countries hold a significant proportion of the world's wealth, trade, and population - they represent about 85% of the gross world product, 80% of world trade, and 65% of the world’s population.
• They're also interested in various global issues like energy security, resource depletion, and aging populations. It's like the grown-ups' table at Thanksgiving, discussing everything from politics to climate change.