As prices explode, France on Monday asked the countries that supply the world with oil to increase their production. “We need the producing countries to produce more in an exceptional way”, declared the French presidency on the sidelines of the G7 summit in Elmau in Germany, also calling for “diversification of sources of supply” on the side of Iran and the Venezuela.
This declaration comes as the seven leading Western economic powers (Germany, United States, France, Canada, Italy, Japan, United Kingdom) are meeting in Germany for the G7 summit. As part of this annual meeting, the leaders agreed to increase sanctions against Russia.
Towards the ceiling of the price of Russian oil
Heads of state and government meeting in the Bavarian Alps are “very close to a point where they will decide to ask their ministers to urgently develop mechanisms to cap the price of Russian oil globally”, explained during a press interview with a senior White House official.
Such a mechanism, which therefore remains to be defined, would go through the “services” surrounding the export of Russian oil, said this source, who did not wish to be identified. She acknowledged that this project would require “a lot of coordination”, between countries and with the private sector. On Monday Ukrainian President Volodymyr Zelensky declared himself in favor of the initiative.
The G7 leaders also pledged in a joint statement “to continue to provide financial, humanitarian, military and diplomatic support” to Ukraine, invaded on February 24 by Russia and the scene of deadly fighting, “as long as it will have to”.
“The Ukrainian people are fighting for peace. We are by his side. Out of solidarity and because the aggression of Ukraine by Russia threatens the stability of Europe and the world, and has an impact on our populations, ”said Emmanuel Macron, on Twitter.