France urges return of Iran, Venezuela to oil markets

France on Monday called for the full return of Iran and Venezuela to the oil markets to diversify supplies and help bring down soaring crude prices fueled by the conflict in Ukraine.

“There are resources elsewhere that we must also explore,” the French presidency said on the sidelines of the G7 summit in Elmau, Germany in reference to Iran and Venezuela, whose oil exports have been targeted by US sanctions.

“There is a knot to untie if necessary” so that Iranian oil can be “put back on the markets”, the Elysee underlined. "Venezuelan oil must also be able to be put back on the market," it continued, according to AFP.

It also urged other oil producing nations to boost their output in an "exceptional manner" to curb the surge in prices at the pump, and demanded a planned mechanism to cap the price of oil to be as broad as possible.
"We need the producing countries to produce more in an exceptional way", the French presidency said.

Source: Iran Daily