France urges producers to cap oil price over Ukraine

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France on Sunday urged oil producers to cap the price of the commodity in order to put the squeeze on Russia which is benefiting from soaring energy prices. Paris backs a US proposal for a maximum oil price, but said that “it would be much more powerful if it came from the producing countries,” said the French presidency.

To make such a measure work, it was “necessary to get into a discussion with OPEC+ and with the world’s oil producers,” said the source, referring to the 23-country group. The United States had suggested a price cap decided by consuming countries, a proposal that is due to be discussed by G7 leaders meeting in the Bavarian Alps on Sunday.—Agencies

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