OSG
French president Emmanuel Macron was caught revealing some bad news to President Joe Biden on the sidelines of the G7 summit Monday.
Macron told Biden the United Arab Emirates’ (UAE) ruler, Sheikh Mohammed bin Zayed al-Nahyan, informed him that OPEC’s top oil exporters were already at their production maximum.
“I had a call with MbZ,” Macron told Biden, referring to Mohammed bin Zayed al-Nahyan, Reuters reported. The comments were overheard by Reuters TV. “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,” the French president reportedly added.
UAE’s top energy official responded to the reports, saying the country is producing “near” its maximum capacity.
“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,” Energy Minister Suhail bin Mohammed Al Mazrouei tweeted.
Macron’s claims go against official data, and if true, would bring challenges to the global market in light of the boycott on Russian oil in response to the country’s invasion of Ukraine, according to Bloomberg…
