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Amid US push, France calls on oil
producers to increase output
GLOBAL FRENCH officials this week called for oil-pro- UAE Energy Minister Suhail bin Mohammed Al
ducing countries to increase output, while sug- Mazrouei clarified to state news agency WAM
gesting that exports from Iran and Venezuela that production is running at the maximum
should be allowed to return to the market. allowed under the OPEC+ deal to constrain
Speaking during the G7 summit in Ger- output. “In light of recent media reports, I would
many, an official from the administration of like to clarify that the UAE is producing near to US President
President Emmanuel Macron said: “We need our maximum production capacity based on its
the oil-producing countries to produce more in current OPEC+ production baseline,” he said. Joe Biden is
an exceptional way,” noting there are “resources Under the latest deal, the UAE has a quota of
elsewhere that must also be explored.” The 3.075mn bpd in June and 3.127mn bpd in July. expected once
official called for “diversification of supplies” However, the UAE and Abu Dhabi National Oil
and said: “There is a knot to untie if necessary Co. (ADNOC) have raised its maximum sus- again to press
[between the US and Iran … so that Iranian oil tainable capacity (MSC) to 4.2mn bpd as part of for an increase
… and Venezuelan oil can also be able to be put wider efforts to reach 5mn bpd by 2030.
back on the market.” Meanwhile, Macron’s comments suggest that in oil production
The comments came ahead of revelations Saudi Arabia is producing around 10.5mn bpd,
that during a call with Macron, the UAE’s Sheikh below its June quota of 10.663mn bpd. This will when he meets
Mohammed bin Zayed al-Nahyan (MbZ) said rise to 10.833mn bpd in July. Under Riyadh’s
that country was running full capacity. “I had a direction, Saudi Aramco is working to increase Crown Prince
call with MbZ,” Macron told US President Joe MSC from around 12mn bpd to 13mn bpd by Mohammed bin
Biden during the event: “He told me two things. 2027, with Energy Minister Prince Abdulaziz
I’m at a maximum, maximum. This is what he bin Salman al Saud saying recently it could reach Salman.
claims.” 13.4mn bpd by the same date.
Macron added: “And then he said [the] Sau- US President Joe Biden is expected once
dis can increase by 150,000 barrels per day (bpd). again to press for an increase in oil production
Maybe a little bit more, but they don’t have huge when he meets Crown Prince Mohammed bin
capacities before six months’ time.” Salman (MbS) al Saud when he visits Saudi Ara-
Once news of the comments became public, bia in July.
Week 26 30•June•2022 www. NEWSBASE .com P9
