France seeks “more lasting measures” to cut oil prices after the government agreed on a three-month reduction to help shore up the economy.
“We are calling on producing countries to raise production to lower prices,” Finance Minister Pierre Moscovici said today outside Paris.
Asked whether France supports a release of strategic crude reserves, he replied: “Within an international context we have to examine all measures that would allow a decrease in oil prices.”
The Group of Seven nations has called on oil-producing countries to increase output and is monitoring the threats to their economies posed by high oil prices, according to a joint statement issued yesterday by the U.S. Treasury Department. Oil has advanced 24 percent since reaching a 2012 low in June.
The International Energy Agency made available 60 million barrels of crude and oil products in June 2011 after Libyan output was disrupted by an armed uprising against Muammar Qaddafi.
French retail fuel prices will drop as much as six cents a liter under the deal struck with suppliers yesterday. The government will reduce a tax on fuel by three cents a liter while distributors including Total SA (FP) and supermarket chains such as Carrefour SA (CA) and E.Leclerc will implement cuts of the same size, Moscovici said.
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