On Sunday, on the sidelines of the Group of Seven summit in Germany, the French presidency announced that Paris supports setting a “maximum price” for oil at the level of “producing countries”, with the aim of curbing price hikes caused by the war in Ukraine.
The Elysee Palace said that Paris “does not oppose in principle” the American proposal to set a price ceiling, but “what will be stronger for us is to set a ceiling for oil prices coming from all producing countries.”
“This is what is needed to re-engage in the discussion with OPEC + and with all oil producers in the world,” the Elysee added.
This proposal differs from the measure proposed by the United States to set a ceiling on oil prices, to be decided in consuming countries.
The leaders of the Group of Seven countries are discussing the second proposal at a summit to be held until Tuesday in southern Germany, but several capitals, including Berlin, indicated that it is a procedure that would be complicated to implement.
“What we should do in the G7 is rather try to put a ‘ceiling’ in the price of oil, and in my view gas also, to avoid very serious consequences of sanctions and the global economic situation,” a source at the Elysee said.