The French Presidential Palace stated on the 27th that in order to increase global oil supply and curb oil prices, it hopes that Iran and Venezuela will return to the international oil market. Currently, Iran and Venezuela are subject to sanctions by the United States and the Eur

This is a refueling gun taken at a gas station in Paris, France on October 22, 2021. (Xinhua News Agency)

French domestic oil prices are difficult to fall

French domestic refined oil prices continue to rise, and the public is complaining. According to media reports, French gasoline prices broke records in early June, with SP95-E10 gasoline prices reaching 2.066 euros/liter and diesel prices reaching 1.961 euros/liter.

French Economy and Finance Minister Le Maire told Commercial FM TV on the 27th that he would urge the management of French oil and gas giant Total Energy to make further efforts to reduce domestic fuel prices.

Le Maire said: "Some political parties are asking the government to increase public spending on fuel by an additional 20 billion to 25 billion euros. This is a huge amount of money. If we do this, we will have to cut spending in other areas."

He He said that the French government's debt scale has reached a "dangerous level" and the current borrowing costs are also increasing. The French government is now issuing new bonds with interest rates exceeding 2%.

According to AFP report, France's current public debt is 2.9 trillion euros, equivalent to 114.5% of its gross domestic product ( GDP).

Le Maire said that on the one hand, the French government needs to reduce the scale of public debt, and on the other hand, it needs to protect national interests in a responsible manner, so it needs to make appropriate choices.

On June 23, Iranian Foreign Minister Abdullahiyan (right) met with Russian Foreign Minister Lavrov in Tehran . (Xinhua News Agency)

There are signs of "loosening" sanctions

In addition to the United Arab Emirates and Saudi Arabia in the Middle East, Iran is most likely to increase oil supply. Some analysts say that if the United States lifts sanctions on Iran, the latter's average daily supply could increase by 1.2 million barrels. According to data from the French company Kepler, as of mid-February this year, Iran's oil stored on tankers has reached 100 million barrels, which means that it can increase supply by 1 million barrels per day in more than three months, equivalent to 1% of global production. .

Negotiations on the resumption of implementation of the Iranian nuclear issue Comprehensive Agreement on the Iranian nuclear issue were suspended again in March. EU High Representative for Foreign Affairs and Security Policy Borrell visited Iran last week.

A senior official of the global oil trading giant Dutch Vitol Group said on June 5 that the U.S. government may acquiesce in Iran exporting more oil to the global market while still subject to unilateral U.S. sanctions, in order to stabilize oil prices and reduce the rise in domestic gasoline prices in the United States. economic and political pressures.

Regarding Venezuela, the United States has implemented a full range of economic sanctions and financial blockade against Venezuela since 2018, including banning the export of mineral products such as petroleum and gold, Venezuela’s pillar industries. Multiple people familiar with the matter disclosed in early June that two European energy companies may start transporting Venezuelan oil to Europe as soon as July, resuming the "oil debt-for-debt" project that was suspended two years ago due to the US government's increased sanctions on Venezuela.

(Xinhua News Agency)