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News > France

Macron Calls for Iran and Venezuela to Come Back to Oil Market

  • French President advocates for the return of Venezuela and Iran to the oil market. Jun. 27, 2022.

    French President advocates for the return of Venezuela and Iran to the oil market. Jun. 27, 2022. | Photo: Twitter/@u24_news

Published 27 June 2022

France is calling for paving the way for Venezuela and Iran to return to the oil market in order to stem rising prices amid the conflict in Ukraine.

"We need the producing countries to produce more in an exceptional way," said the French Presidency on Monday, on the sidelines of the annual summit of the Group of Seven (G7) leaders.

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Macron has insisted on "diversifying the sources of supply" by including the Islamic Republic of Iran and Venezuela, both victims of the sanctions imposed by the U.S., especially in the energy sector. This is to curb the rise in prices caused in the midst of the Russian military operation in Ukraine.

In this context, a senior White House official, who decided to remain anonymous, said that the heads of state meeting at the summit, held in Germany, are "very close to a point where they will decide to ask their ministers to urgently develop mechanisms to limit the price of Russian oil worldwide."

After Moscow launched a military operation on February 24 against neighboring Ukraine, the United States, Canada, the United Kingdom, Australia and the European Union (EU) imposed sanctions on oil imports from the Eurasian country, causing the rise in prices in both the U.S. and Europe to their highest levels in a decade according to reports, 

Russia's oil embargoes would cause crude oil to simply flow to other markets and thus drive up gasoline prices in the U.S.

Likewise, the EU's High Representative for Foreign Affairs, Josep Borrell, made clear the EU bloc's over-dependence on Russian oil and gas in April. However, he warned that it might face a cut in the supply of these hydrocarbons.

Russia and the West are still unable to overcome the tensions. They have been imposing, since then, a series of sanctions on Russian officials, companies, and economic sectors, measures that do not work against Moscow.

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