The Group of Seven (G7), consisting of leaders of Britain, France, the United States, Germany, Japan, Italy and Canada, is meeting in Germany this week to discuss Russian oil exports and the revival of the Iran Nuclear deal, among other topics.

Leaders of the G7 are expected to discuss how to lower rising energy prices, maintain sanctions on Russia, and decrease harm to the global economy. 

One possible solution is a price cap on Russian exports. 

A French official said his government would push for a price cap on oil and gas on all producers, not only Russia, and was open to discussing a US proposal.

The idea to cap Russia’s prices instead of cutting off all exports, is a plan attributed to Janet L. Yellen, President Biden’s Treasury Secretary. The plan will require weeks of negotiation between G7 finance ministers, business leaders and leaders of countries around the world that buy Russian oil. 

However, a price cap wouldn’t stop Russia from banning exports to G7 countries, which would make shortages worse. 

Oil prices were up on Monday as investors in Asia speculated about the outcome of the meeting. 

Talks with Iran about the nuclear arms deal could revive Iran’s oil exports in the future, which would increase supply, and add to speculation in the markets, but the talks will take time.

“Given that talks have been on and off for the last year or so, we expect that discussions will likely be drawn out, and so we are assuming that the supply of Iranian oil will only start increasing in early 2023,” said analysts. 

It is reported that members of OPEC will be likely to keep to their plan to increase oil production in August.

Right now, economists are more worried about the potential of a global recession than supply issues.