Macron Warns Biden OPEC is at Max Capacity

Macron was overheard telling Biden that the United Arab Emirates is at max capacity and the Saudis can’t produce much more.

“I had a call with MbZ,” Macron was heard telling U.S. President Joe Biden on the sidelines of the G7 summit, using shorthand for UAE leader Sheikh Mohammed bin Zayed al-Nahyan. “He told me two things. I’m at a maximum, maximum (production capacity). This is what he claims.”

“And then he said (the) Saudis can increase by 150 (thousands barrels per day). Maybe a little bit more, but they don’t have huge capacities before six months’ time,” Macron said.

The UAE’s top energy official confirmed Macron’s statement.

“In light of recent media reports, I would like to clarify that the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline,” said Energy Minister Suhail bin Mohammed Al Mazrouei.

Oil prices have been steadily rising since Biden took office due to a supply shortage. The U.S. is the world’s largest oil and gas producer. Output has declined from 13.1 million barrels per day in February 2020 to 11.9 mb/d today.

Taking over 1 million barrels per day off the world market has created a dangerous situation in Europe as energy prices have spiked. Western democracies desperately need more oil as tensions with Russia and China rise.

G7 Leaders are discussing a price cap for Russian oil because, despite sanctions imposed by the West after Russia’s invasion of Ukraine, Moscow is still earning substantial revenue from oil.

 Russia’s oil-export revenues surged to approximately $20 billion in May despite shipping lower volumes as prices have rapidly rose.