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Macron reveals if Saudis and UAE can rapidly ramp up oil output

Samizdat – June 28, 2022

Oil-rich countries Saudi Arabia and the UAE cannot radically increase crude production anytime soon, French President Emmanuel Macron was overheard saying to his US counterpart Joe Biden on Monday.

The leaders were contemplating how to curb Russia’s oil revenue without triggering more energy price increases.

The brief conversation between Macron and Biden was filmed by reporters on the sidelines of the Group of Seven (G7) summit in southern Germany.

Macron told his US counterpart that he had a call with Emirati leader Sheikh Mohammed bin Zayed Al Nahyan. “He told me two things. ‘I’m at a maximum [production capacity]’. This is what he claims,” Macron said.

The French president continued: “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.”

Emirati Energy Minister Suhail Al Mazroui clarified on Twitter that “the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline” of 3.168 million barrels per day. He said the Gulf state would stay “committed” to the same baseline until the end of the year.

Western countries have been looking for ways to curb Russia’s revenue from the oil trade, all while trying to avoid further energy price hikes at home. Saudi Arabia and the UAE were seen as nations with spare capacity to boost oil production in order to reduce prices, according to Reuters.

June 28, 2022 - Posted by | Economics | , , , ,

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