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UAE, Saudi can barely raise oil output, Macron tells Biden at G7 summit

Brent oil prices jumped by over $2 per barrel to above $115 per barrel on the news amid tight global supplies and rising demand

US President Joe Biden (L) and French President Emmanuel Macron speak after posing for an informal group photo at a bench after a working dinner during the G7 Summit held at Elmau Castle, in Kruen near Garmisch-Partenkirchen, Germany (Photo: Reuters)
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US President Joe Biden (L) and French President Emmanuel Macron speak after posing for an informal group photo at a bench after a working dinner during the G7 Summit held at Elmau Castle, in Kruen near Garmisch-Partenkirchen, Germany (Photo: Reuters)

Reuters
French President Emmanuel Macron said on Monday the president of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan (MbZ), had told him 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 U.S. President Joe Biden on the sidelines of the G7 summit.
 
"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

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First Published: Jun 27 2022 | 11:41 PM IST

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