France wants Iran, Venezuela return to oil markets

28 June, 2022
Source: Reuters

France wants sanctions-hit Iran and Venezuela to return to the oil markets to ease the pressures from Russian sanctions that has spiked prices, a French presidency official said on Monday.

France also wants a planned mechanism to cap the price of oil to be as broad as possible and not be limited to Russian output.

Oil prices extended gains on Monday as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations meeting in Germany.

G7 leaders, who began their meeting on Sunday, are expected to discuss options for tackling rising energy prices and replacing Russian oil and gas imports, as well as further sanctions that do not exacerbate inflation.

These moves include a possible price cap on Russian oil exports to reduce Moscow's revenues while limiting damage to other economies.

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