Suhail Al-Mazrouei, the UAE’s Minister of Energy and Infrastructure, stated that the country’s current output is nearing the maximum production capacity based on its current OPEC+ production baseline, which is 3.168 million barrels per day (BPD).
Al-Mazrouei made the statement in response to Reuters’ report that French President Emmanuel Macron told US President Joe Biden on the sidelines of the Group of Seven meetings that Saudi and the UAE, two of OPEC’s largest oil producers, would struggle to increase oil output.
Two days before the OPEC+ meeting on the 31st of this month, Al Mazrouei stated that “our commitment is predicated on this ceiling till the end of the agreement.”
“I had a call with UAE President Sheikh Mohammed bin Zayed,” Macron was heard telling U.S. President Joe Biden on the sidelines of the G7 summit, Reuters reported.
“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 of BPD). Maybe a little bit more, but they don’t have huge capacities before six months’ time,” Macron said.
World oil prices have been steadily rising in recent months due to a shortage of supply and a rebound in demand from the worst of the coronavirus epidemic. Prices have risen further since Moscow invaded Ukraine in late February.
Benchmark crude rose after Reuters reported Macron’s comments. Brent oil prices rose 1.7 percent to above $115 per barrel as the West seeks ways to reduce Russian oil imports to punish Moscow.