OPEC agrees to pump more oil 1:06
(CNN) --
France is ready to discuss the possibility of bringing Iranian and Venezuelan oil back onto the international market, an Elysee Palace source said Monday.
"France considers it essential that the entire international community, buyers and producers, mobilize to ensure that the necessary volumes are marketed, to ease tensions and lower prices," the palace source said.
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"We believe all options are worth exploring given the stakes, including Iran and Venezuela, but these are conversations to have with our partners," the source added.
France is also requesting the introduction of a maximum price for all oil producers, including Saudi Arabia, according to the Elysée source.
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The G7 discusses the oil situation
Western leaders meeting at the G7 have decided to try to limit the price of Russian oil, according to officials, the latest step to punish Moscow while trying to mitigate the economic effects of the war in Ukraine.
It remains to be seen how, when and by how much the price of Russian oil will be capped.
Officials said the precise mechanism to carry out the cap is still being worked out.
But the leaders will instruct their teams to work urgently on finding a way to cap the price at which Russia can sell its oil, depriving Moscow of a key source of revenue.
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"The goal is to 'starve' Russia, deprive Putin of his main source of income and force down the price of Russian oil to help mitigate the impact of Putin's war on the pumps," a senior official said. of the US administration.
As oil prices have soared, Russia's oil revenues have increased, despite global import bans.
The leaders want to use their collective influence to reduce the income that Russia receives from the countries that still buy its oil.
The official suggested that the G7 countries have influence over oil transportation networks, which could help enforce the limit.
High gasoline prices for American and European consumers are putting pressure on leaders to find ways to ease the pain.
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