Saudi Arabia and the United Arab Emirates as the leading Organization of the Petroleum Exporting Countries (OPEC) oil producers can barely increase their oil production capacity, French President Emmanuel Macron cited the Emirati president as saying on Tuesday.
On the sidelines of the G7 summit on Tuesday, Macron told his American counterpart, Joe Biden, about his conversation with UAE leader Sheikh Mohammed bin Zayed al-Nahyan.
“He told me two things. I’m at a maximum, maximum (production capacity). This is what he claims," Macron said. “Saudis can increase by 150 (thousands barrels per day) but they don’t have huge capacities before six months’ time."
The UAE’s energy minister Suhail bin Mohammed Al Mazrouei confirmed Macron's statement, saying the UAE is producing "near to our maximum production capacity based on its current OPEC+ production baseline.”
World oil prices have seen a steady rise in recent months due to a shortage of supply and sanctions against Russia and Iran.
Western nations are facing an energy crisis with fuel prices surging across the European continent, especially after the Russian military operation in Ukraine.
As a corridor to get out of this crisis, a French presidential official has called on the international community to explore all options, including talks with producing nations like Iran and Venezuela, to alleviate the weight of the crisis.
“There are resources elsewhere that need to be explored,” the unnamed French official said on the sidelines of the G7 summit when asked about how to alleviate high oil prices.
If the US sanctions against Iran are lifted, it can contribute to relieving the crisis and dampening the price of the oil with its high capacity of crude oil production.
Analysts expect Iran to increase its supply of oil to the global markets by at least 1 million barrels per day (BPD) immediately after the removal of sanctions.
Unconfirmed reports suggest Iran is currently exporting more than 1.5 million BPD of oil.