France is in favor of setting a "maximum oil price" at the level of the "producing countries" to counter the rise in prices caused by the war in Ukraine, the French presidency said this Sunday on the sidelines of the G7 summit.

Paris is "not opposed in principle" to the US proposal to cap prices, but "what would be much more powerful for us would be if we put a maximum price on oil that comes from all the producing countries," the Elysée stressed. "This is what we need to resume the discussion with OPEC+, and with all the oil producers in the world," the French presidency added.

This proposal is distinct from the measure suggested by the United States of a cap on oil prices, which would be decided in consumer countries. This second idea will be discussed by G7 leaders meeting through Tuesday in southern Germany, but several capitals, including Berlin, said it was a complex measure to implement.

"What we need to do in the G7 is rather try to have a maximum price on oil and, in my view, also on gas, to avoid having too many consequences from sanctions and the global economic situation," said a source in the French presidency quoted by Lusa.