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
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

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

Turkey to supply natural gas to Syria after grid connection

Algeria to boost oil production as part of OPEC+ output hike

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

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

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