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.
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