France this Monday (27) advocated for “diversification of oil supply sources” in the market, including Iran and Venezuela, and for countries to “extraordinarily” increase their oil production to limit the price increase caused by the war in Ukraine.
On the sidelines of the G7 summit in Elmau, southern Germany, the French presidency advocated “diversification of supply sources” in the market, including Iran and Venezuela, saying “We need more pumping from the producing countries”.
“There are resources that need to be used elsewhere,” the French Presidency said.
“Negotiations [programa] Iranian nuclear weapons are currently off [âmbito] “It’s not about nuclear power, it’s about the US-Iran relationship on a particular issue, it’s about US sanctions on terrorism,” he said.
“There is a knot that needs to be untied if necessary so that Iranian oil can “return to the markets,” he said.
“Venezuelan oil also needs to be able to get back on the market,” Eliseu added.
Both countries are subject to US sanctions.
As for the increase in production, the French Presidency noted that US President Joe Biden plans to speak on the subject during his visit to Saudi Arabia in July, and that French President Emmanuel Macron is “in contact” with Saudi Crown Prince Mohamed bin Salman. With Mohamed bin Zayed, the new president of the United Arab Emirates.
Also, France is in favor of the American proposal to limit the price of oil (“upper price”), but considers that the same should be done with gas and all market participants.
Asking for “deep discussion” on the subject, Elisha thought, “The ‘top price’ principle is acceptable, we can support it, but its application is rather vague. It should be as broad as possible.”