Oil from Iran and Venezuela needs to return to the global market to make up for the loss of supply from Russia, an official at the French presidency said on Monday while G7 leaders are meeting in Germany to discuss the Russian invasion of Ukraine and a price cap on Russian oil. France also seeks the G7 group of the world’s leading industrial nations to adopt a price cap on oil that would be broad and not limited to Russian oil only, according to Reuters. The leaders of the G7 group consisting of Canada, France, Germany, Italy, Japan, the…
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