“We need the producing countries to pump more exceptionally”, declared the French presidency on the sidelines of the summit of the G7 in Elmau, in southern Germany, calling for “diversification of supply sources” to include Iran and Venezuela in the market.
“There are resources elsewhere that also need to be explored,” Francia said.
“The negotiation on the [programa] Iranian nuclear power plant is closed today as far as the [ámbito] nuclear but not in terms of the relationship between Iran and USA on a specific issue, US sanctions related to terrorism,” he said.
“So there is a knot to be untied if necessary” so that Iran’s oil can “return to the markets,” the source emphasized. “Venezuelan oil must also be able to return to the market,” France added.
Both countries are subject to US sanctions.
As for an increase in production, the French presidency pointed out that the American president, Joe Bidenis planning to speak on this matter during his visit to Saudi Arabia in July and its French counterpart, Emmanuel Macronis also “in touch” with the Saudi crown prince, Mohammed bin Salmanand with the new president of the United Arab Emirates, Mohammed bin Zayed.
Also, France is favorable to the US proposal to limit the price of oil (“price cap”) but considers that the same should be done with the gas and with all market players.
“The principle of a ‘price cap’ is acceptable, we can support it, but its application is quite uncertain. It has to be as broad as possible,” said the French presidency, which called for “deep discussions” on the subject.
Source: Ambito
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