Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Pakistani army: 6 soldiers and 7 militants killed in clash near the Afghan border
Israeli media: Sirens sound in the settlement of Kerem Shalom in the Gaza envelope area
Afghan source to Al Mayadeen: We still believe in dialogue and prioritize diplomatic solutions with Pakistan; though we are ready for all possibilities.
Afghan source to Al Mayadeen: Pakistan purposely obstructed negotiations in Turkey by making unrealistic demands.
Al Mayadeen's correspondent: More than 70 martyrs in Israeli attacks on Gaza since dawn.
Death toll from latest Israeli strikes on Gaza rises to 30
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City

Macron tells Biden that UAE, KSA can barely raise oil output

  • By Al Mayadeen English
  • Source: Agencies
  • 27 Jun 2022 22:25
  • 1 Shares
4 Min Read

French President Emmanuel Macron informed his American counterpart that the two top OPEC oil producers will not fully increase oil production.

  • x
  • Macron tells Biden that UAE and KSA can barely raise oil output.
    US President Joe Biden and French President Emmanuel Macron

The Crown Prince of the United Arab Emirates, Sheikh Mohammed bin Zayed (MbZ), told French President Emmanuel Macron on Monday that two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production.

"I had a call with MbZ," Macron was heard telling US President Joe Biden on the sidelines of the G7 summit.

"He told me two things. I'm at a maximum, maximum (production capacity). Second, he told me...the Saudis can increase a little bit, 150 (thousands of barrels per day) or a little bit more. They don't have huge capacities at this stage," Macron said.

Read next: Biden to meet MBS in Saudi Arabia mid-July

Brent oil prices rose more than $2 per barrel as a result of the news, reaching more than $115 per barrel amid tight global supplies and rising demand.

Saudi Arabia and the United Arab Emirates have been viewed as the only two countries in the world's producer group, the Organization of Petroleum Exporting Countries, that have some spare capacity and could help increase global deliveries.

Nonetheless, the West is looking for ways to cut Russian oil imports in order to "punish" Moscow for its military operation in Ukraine.

Saudi Arabia currently produces 10.5 million BPD and has a nameplate capacity of 12.0 million-12.5 million BPD, allowing it to increase output by 2 million.

The UAE produces approximately 3 million BPD, has a capacity of 3.4 million, and is working to increase it to 4 million BPD.

Macron stated that it would be good for oil markets if both OPEC heavyweights could barely raise output.

Related News

Oil prices rebound as OPEC maintains steady demand forecast

Turkey to supply natural gas to Syria after grid connection

Europe is looking for ways to replace up to 2 million BPD of Russian crude and 2 million BPD of refined products that were imported from Moscow prior to the military operation in Ukraine.

Read next: OPEC+ to prioritize oil production growth plan for June

In March, the UAE asked Western nations to be "reasonable" in their expectations, reiterating its commitment to the global OPEC+ energy alliance.

The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its ten partners, including Russia, have formed an "alliance to stay."

Despite rising requests to raise output to calm the turbulent oil market, UAE's Energy Minister Suhail Al-Mazrouei said it would be "difficult", with nations "facing a natural decline reduction," owing in large part to declining long-term investments in the oil business.

It is worth noting that Oil prices fell over 3% as investors are worried that the Federal Reserve's rate rises would send the US economy into recession, lowering demand for fuel.

Brent oil futures dropped $2.91, or 2.5 percent, to $111.74 a barrel. The global benchmark fell to $107.03, its lowest level since May 19.

West Texas Intermediate (WTI) crude oil in the United States decreased $3.33, or 3%, to close at $106.19 per barrel. The low for the session was $101.53, the lowest since May 11.

US running out of supply

Moreover, attempting to curve the prices of oil in the US, Washington has been actively using its Strategic Petroleum Reserve (SPR) for over a year. Bloomberg reported this news on Friday and highlighted that the government cannot continue to tap into the reserves in the long run.

Bloomberg’s report showed that the US has released about 115 million barrels throughout the past year. Since mid-May, approximately 1 million barrels have been released marking a new record-high. 

At the current pace of oil production, the reserves will shrink to a 40-year low with only 358 million barrels remaining by the end of October. Last year, the SPR location in Texas and Louisiana reportedly contained 621 million barrels. According to official information, the US is set to stop extractions from SPR in October.

The report stated that “As the oil market looks today, it’s difficult to see how Washington can halt sales in October. Removing that additional supply would mean commercial inventories quickly deplete, putting upward pressure on oil prices.” 

  • OPEC
  • UAE
  • Emmanuel Macron
  • France
  • Joe Biden
  • Saudi Arabia

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025
Hi-tech holocaust: Microsoft’s role in Gaza genocide

Microsoft's role in world’s first AI-driven genocide, in Gaza, exposed

  • Technology
  • 28 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Displaced Sudanese who fled El-Fasher after the city fell to the Rapid Support Forces (RSF), rest near the town of Tawila in war-torn Sudan's western Darfur region (AP)
Politics

UAE directly funded RSF, leading to fall of El-Fasher: Sudan

'You’re not welcome in Greece': Israelis face port protests
Politics

'You’re not welcome in Greece': Israelis face port protests

This photo released by the Israeli military on Thursday, Nov. 2, 2023, shows ground operations inside the Gaza Strip (AP)
Politics

IOF soldier who fought in Gaza, Lebanon denied entry to Czech Republic

UN inquiry exposes 'Israel’s' four genocidal crimes against Gaza
Politics

'Israel' committed four genocidal acts in Gaza, UN inquiry finds

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS