International Business: G7 leaders in plea to study all oil options – Gulf Digital News

International Business: G7 leaders in plea to study all oil options – Gulf Digital News

SCHLOSS ELMAU, Germany: The international community should explore all options to alleviate a Russian squeeze of energy supplies that has spiked prices, including talks with producing nations like Iran and Venezuela, a French presidency official said yesterday.

Venezuela has been under US oil sanctions since 2019, and could reroute crude if those restrictions were lifted.

Indirect talks between Iran and the US to revive a nuclear deal that could see sanctions on Tehran lifted and its oil exports resume have been on hold since March, but are due to resume in Doha soon.

“There are resources elsewhere that need to be explored,” a French official said on the sidelines of a G7 summit in Germany, when asked about how to alleviate high oil prices.

The outstanding issue between Iran and the US was no longer linked to the nuclear dossier but to US terrorism sanctions, he said.

“So there is a knot that needs to be untied if applicable... to get Iranian oil back on the market,” the official told reporters, speaking on condition of anonymity. “We have Venezuelan oil that also needs to come back to the market.”

A second official said all options need to be explored given the stakes, including those involving Iran