The recently re-elected French president revealed to his US counterpart at the latest meeting of G7 leaders that two top OPEC oil producers could barely increase oil production. Western leaders seek alternative sources of oil after Russia’s invasion of Ukraine.
Prices had already risen gradually before this time, partly due to a shortage of supply and a sudden surge in demand for restrictions.
Saudi Arabia and the UAE have, according to Reuters, been “observed as the only two countries in OPEC with spare capacity to increase global deliveries that could lower prices”.
But Mr Macron told Mr Biden both were close to their maximums.
In a squeezed corner, near the hearing distance of journalists, he said: “I had a call with MbZ [UAE leader Sheikh Mohammed bin Zayed al-Nahyan]. He told me two things. I’m on a maximum, maximum [production capacity]. This is what he claims.
And then he said [the] Saudis could increase by 150 [thousands barrels per day]. Maybe a little more, but they do not have great abilities before six months. ”
While the conversation was a private one, some speculated that the French president intended journalists to hear his comments.
Author Michael Shellenberger wrote in a post on Twitter: “It is extremely interesting that Macron chose to present the information in the way he did, which was within earshot of journalists.
“It is almost as if Macron wanted the international news media to report on it. [his] intel, perhaps as a way to pressure Biden to finally act …
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Mr Shellenberger remarked: “It is not clear that Biden appreciated the seriousness of what Macron said.
“Before Macron could finish, Biden started walking away and interrupted him, as if he was in a hurry to get to the gabfest, even though Macron’s information should change everything.”
Others have suggested that the president pressure the US to produce more oil to help with global shortages.
UAE Energy Minister Suhail bin Mohammed Al Mazrouei confirmed Mr Macron’s warnings.
He said: “In the light of recent media reports, I would like to make it clear that the UAE is producing close to our maximum production capacity, based on its current OPEC + production baseline.”
Saudi Arabia and the UAE produce about 13.5 million barrels of oil every day.