What Macron has been informed by UAE, Saudi Arabia in order ...| MENAFN.COM

Wednesday, 17 August 2022 07:53 GMT

What Macron has been informed by UAE, Saudi Arabia in order to lower oil prices


(MENAFN) Two leading OPEC oil producers, Saudi Arabia and the United Arab Emirates, can scarcely boost oil output, according to the UAE's president, French President Emmanuel Macron stated on Monday.

Saudi Arabia and the United Arab Emirates (UAE) have been considered as the only two nations in the Organization of Petroleum Exporting Countries (OPEC) having spare capacity to increase global deliveries, potentially lowering prices.

"I had a call with MbZ," Macron was caught informing 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 stated.

Macron's remarks were verified by the UAE's senior energy official to the country's public news agency.

"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," according to Energy Minister Suhail bin Mohammed Al Mazrouei.

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