France urges G-7 action on oil production, refining capacities

France will urge other wealthy countries this week to raise the pressure on oil companies and exporting countries to invest in new capacity, Finance Minister Thierry Breton said Monday.

Breton, who last week used the threat of a windfall tax to wring price and investment pledges from France’s Total SA, said he would recommend the get-tough approach to fellow ministers from the Group of Seven industrialized countries including Canada, meeting Friday in Washington.

Canada.com