French President Emmanuel Macron calls on oil-producing countries to increase production and thereby reduce world prices, AP reported.

According to him, oil prices are putting the European economy in an "intolerable" situation.

Speaking at the end of the G-7 summit in Germany, Macron hailed the discussion of oil prices as "a very good idea," but added: "The difficulty is technical in nature."

He noted that it is crucial to include all major oil-buying countries in any quota agreement in order for it to be effective.

Macron said he had discussed increasing oil production with the president of the United Arab Emirates and hoped that U.S. President Joe Biden would get a "positive response" in the oil talks during his upcoming visit to Saudi Arabia.

He noted that oil producers have a "huge responsibility, given our collective dependence on them. He called for more liquefied natural gas processing capacity in Europe and criticized speculation by energy traders, whom he called "speculators of war."