France wants regulated oil prices: Sarkozy

ABU DHABI (Reuters) – France wants oil producers and consumers to agree to price regulation in an effort to safeguard buyers from market volatility and protect energy investments, French President Nicolas Sarkozy said on Tuesday.

During an official visit to the capital of the United Arab Emirates, Sarkozy said France and the UAE might soon make a joint initiative on the issue.

“Why don’t producer countries and consumers agree on general price guidelines to give to the market … a price range which would guarantee investments (in producer countries) over the long term but which would not overwhelm consumer economies,” he said in a speech.

He added that he would propose the idea at a summit of the Group of Eight world power leaders in Italy in July, saying that all sides needed better visibility over energy pricing.

Reuters