Economy

France wants return of Iran, Venezuela to global oil market

To overcome surge in fuel prices, oil-producing countries must increase production ‘exceptionally,’ official says

Shweta Desai   | 27.06.2022
France wants return of Iran, Venezuela to global oil market

PARIS

France on Monday called on oil-producing countries to increase their production “exceptionally” and to carry forward negotiations to allow the return of oil from Iran and Venezuela back on the market to overcome the energy crisis, local media reported. 

On the sidelines of the G7 summit in Elmau in Germany, a French presidency official underlined the need to curb the surge in fuel prices by increasing oil production while also maintaining the objective of carbon neutrality, according to FranceInfo news.

“We need the oil-producing countries to produce more in an exceptional way,” the official said, noting there are “resources elsewhere that must also be explored."

In particular, the official appealed for a "diversification of supplies."

“There is a knot to untie if necessary (between the US and Iran)… so that Iranian oil… and Venezuelan oil can also be able to be put back on the market,” the official said.

Macron is expected to raise this point with Saudi Crown Prince Mohammed bin Salman and the UAE’s President Mohammed bin Zayed.

US President Joe Biden, who is also scheduled to visit Saudi Arabia in July, will also discuss the possibility of increasing oil supplies, Le Figaro, a French daily, said in a report.

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