• France’s Emmanuel Macron advocates for an increase in global oil production.
•  G7 leaders are discussing how to reduce energy costs and tame inflation.
•  France wants to reinstate Venezuelan and Iranian production, which are subject to US sanctions.
•  The French president is also pushing for a price ceiling on Russian oil.

Emmanuel Macron advocated for an increase in global oil production as the French president aims to reduce the cost of energy and alleviate pressure on energy-importing economies.

Macron made his proposal to his fellow G7 leaders as they sought to hash out the specifics of a price ceiling on Russian oil in an effort to reduce costs and tame inflation.

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According to individuals familiar with the conversations, the French president stated that the price restriction should apply to all producers throughout the world, not just Russia, but did not specify how this would operate.

A French official later clarified that the proposal was not a global price ceiling, but rather a means of stabilising oil prices through increased production. In particular, France wishes to investigate ways to reinstate Venezuelan and Iranian production, which are both subject to US sanctions.

In an effort to temper the oil market, US president Joe Biden has already courted Nicolás Maduro’s authoritarian administration in Venezuela.

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France’s remarks highlight the grave concern among G7 leaders regarding the impact on their economies. They have spent their Schloss Elmau summit discussing how to reduce energy costs, with the conversation centering on a US demand for a cap on the pricing of Russian oil.

Officials are still working on the specifics of the proposed price limitation on Russian petroleum, which would be enforced through restrictions on the availability of European services, such as insurance for Russian oil shipments.