France urges producers to cap oil price over Ukraine

France urges producers to cap oil price over Ukraine

France urges producers to cap oil price over Ukraine

France urges producers

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  • France has asked oil producers to set a price ceiling for the commodity in order to put pressure on Russia.
  • The G7 leaders will meet in the Bavarian Alps to discuss this notion.
  • Germany considers that implementing such an oil policy would be too complex.
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France has asked oil producers to set a price ceiling for the commodity in order to put pressure on Russia, which is benefiting from high energy prices.

Paris backs a US proposal for a maximum oil price but says that “it would be much more powerful if it came from the producing countries,” said the French presidency.

The source said it was “essential to go into a dialogue with OPEC+ and the world’s oil producers”

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The United States proposed a price cap determined by the countries that buy the oil. The G7 leaders will meet in the Bavarian Alps on Sunday to discuss this notion.

However, Germany considers that implementing the policy would be too complex.

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A senior German official said, “We are still intensively discussing how this would work and how that can fit in with the American, British, European, and Japanese sanction regimes.”

Read More: France’s Macron invites political parties to discuss hung parliament-source

EU President Charles Michel also said discussions were ongoing but “we want to go more into the details”.

“We want to make sure that… the goal is to target Russia and not to make our life more difficult and more complex,” he said.

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