US President Biden and French President Macron at the G7
Reuters: Macron tells Biden that UAE, Saudi can barely raise oil output
GARMISCH-PARTENKIRCHEN, Germany (Reuters) -Two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President Emmanuel Macron on Monday said he had been told by the UAE's president.
Saudi Arabia and the UAE have been perceived as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to boost global deliveries that could reduce prices.
"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 to the country's state news agency.
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WNU Editor: Saudi Arabia and the UAE are making record profits with their energy exports. They have no interest to jeopardize this cash cow.
But what I find very revealing in the above Reuters report is that President Biden is told about this news directly from the French President. To put it bluntly. Saudi Arabia and the UAE are not talking to the White House, and it looks like they are using the French President of all people to be the messenger of this bad news.
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