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French President Emmanuel Macron was caught revealing bad news to President Joe Biden on the sidelines of the G7 summit on Monday.
Macron told Biden that the leader of the United Arab Emirates (UAE), Sheikh Mohammed bin Zayed al-Nahyan, informed him that major OPEC oil exporters were already at their production peak.
“I had a call with MbZ,” Macron told Biden, referring to Mohammed bin Zayed al-Nahyan, Reuters reported. The comments were heard by Reuters TV. “He told me two things. I’m max, max [production capacity]. That’s what he claims.
“And then he said [the] Saudis can increase by 150 [thousands barrels per day]. Maybe a little more, but they don’t have huge capacities for six months,” the French president reportedly added.
The UAE’s top energy official responded to the reports, saying the country was producing “nearly” its maximum capacity.
“In light of recent media reports, I would like to clarify that the UAE is producing close to our maximum production capacity based on its current OPEC+ production,” said Energy Minister Suhail bin Mohammed Al Mazrouei. tweeted.
Macron’s claims run counter to official data and, if true, would pose challenges to the global market in light of Russia’s boycott of oil in response to the country’s invasion of Ukraine, according to Bloomberg.
Oil prices have risen steadily over the past year, in part due to increased demand post-COVID-19 and a lack of supply caused by restrictions on oil production. Prices were further exacerbated by Russia’s invasion of Ukraine, but prices had already risen by 55% the day before Russian President Vladimir Putin’s orders.
Biden waged a war on national energy production when he took office, including canceling the Keystone XL pipeline, banning new oil and gas leases on public lands and halting sales of several drilling areas in Alaska and the Gulf of Mexico.
Biden is expected to meet Saudi Crown Prince Mohammed bin Salman in July as part of his trip to the Middle East. The president previously vowed to make Saudi Arabia a global ‘pariah’ after the alleged murder of Washington Post Saudi journalist journalist Jamal Khashoggi.
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