Macron reveals if Saudis and UAE can rapidly ramp up oil output — Analysis
The French president told his US counterpart that the UAE leader had claimed his country was already pumping “at maximum”
Oil-rich Saudi Arabia, UAE and other oil-rich nations cannot radically raise crude production anytime soon. This was what the French President Emmanuel Macron told Joe Biden Monday.
The leaders were contemplating how to curb Russia’s oil revenue without triggering more energy price increases.
On the sidelines of G7 summit in Southern Germany, reporters filmed the short conversation between Macron & Biden.
Macron said to his American counterpart that he spoke with Sheikh Mohammed bin Zayed Al Nahyan of Emirati. “He told me two things. ‘I’m at a maximum [production capacity]’. This is what he claims,”Macron spoke.
The French president did not stop there: “And then he said [the]Saudis could increase their income by 150 [thousands barrels per day]. Maybe a little bit more, but they don’t have huge capacities before six months’ time.”
Suhail Al Mazroui, Emirati Minister of Energy clarified via Twitter “the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline”3.168 Million barrels of oil per day He stated that the Gulf state would remain. “committed”The same base line will be used until the end.
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. According to Reuters Saudi Arabia was viewed as a nation with the potential to expand oil production and lower oil prices.
On Tuesday, the G7 (which includes Japan, Canada, France, Germany and Britain) agreed to examine the possibility of imposing a price limit on Russian oil imports. “We invite all like-minded countries to consider joining us in our actions,” the group’s leaders said in a joint statement.
After Moscow’s military operation in Ukraine, late February, many countries including NATO and EU members imposed severe sanctions against Russia.
Russia attacked the neighboring state in late February, following Ukraine’s failure to implement the terms of the Minsk agreements, first signed in 2014, and Moscow’s eventual recognition of the Donbass republics of Donetsk and Lugansk. French and German protocols were created to grant the regions that had broken away special status in the Ukrainian government.
In recent years, the Kremlin demands that Ukraine declares itself neutral in order to be able to join NATO. Kiev maintains that Russia’s offensive was not provoked and denies claims that it planned to seize the two republics.
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