Oil - Q&A (Oct.6, 2022)
Do you think OPEC+’s decision to drastically reduce oil production is a failure for Western diplomacy, given the efforts made over the past months to convince certain countries – especially those of the Gulf – to increase production?
As you know, OPEC+ is a sovereign body when it comes to establishing production guidelines for its members.
France regrets this decision, given the current constraints on our energy supply as a result of Russia’s aggression against Ukraine, which created strong volatility on oil markets.
Within the EU, France has taken action to establish an unprecedented mechanism to cap Russian oil prices, which the EU members adopted on Wednesday. This mechanism aims to reduce Russian oil revenues and avoid global oil price shocks. The French authorities are working assiduously with their European partners to reduce Europe’s energy dependence and limit oil price increases.