France urges producers to cap oil price over Ukraine


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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