• 28.06.2022 /
• Company news

France urged oil producers to increase production – mass media

France has appealed to oil-producing countries to increase production amid ongoing price rises. This was reported by the French mass media, “Business.Censor” reports.

“We need the producing countries to extract more in an exceptional manner,” Le Parisien newspaper quotes excerpts from the statement of the French administration, made “on the sidelines” of the G7 meeting in Germany.

The French side also indicated the possibility of diversifying oil supply sources at the expense of Iran and Venezuela.

After Russia’s invasion of Ukraine in February, global oil prices rose sharply, fueling inflation that was already high during the pandemic due to supply chain disruptions, particularly in the US.

Recently, Western countries have begun to actively discuss options for limiting Russia’s income from energy exports as an alternative to reducing physical supplies, since the drop in volumes leads to a significant increase in market prices, which causes inflationary pressure and allows Russia to earn more by exporting less.

As reported, on June 3, the European Union introduced the sixth package of sanctions against Russia in response to aggression against Ukraine. In particular, the EU banned the purchase, import or transportation of crude oil and some petroleum products from Russia to the EU. The gradual withdrawal from Russian crude oil will last from 6 months, from oil products – up to 8 months. At the same time, the embargo will not apply to the import of oil through pipelines. This exception was made at the request of Hungary and other landlocked countries that receive oil through the “Friendship” oil pipeline.

Source: https://enkorr.ua/uk/news/francya_zaklikala_virobnikv_nafti_zblshiti_vidobutok_zm/251275