Macron Warns Biden on UAE, Saudi Arabian Oil Capacity

President Macron revealed that the UAE and Saudi Arabia are producing near maximum oil capacity, contradicting official data. This suggests the market should not rely on these countries to fill the gap left by reduced Russian oil output due to European sanctions. The UAE confirmed production at max capacity under the OPEC+ agreement, hinting at potential increases post-agreement. Macron's comments highlight the need for market diversification and caution against over-reliance on Gulf states.

What did the UAE's ruler reveal to President Biden about oil production?

• They plan to stop oil production.

• They are reducing oil production.

• They are increasing oil production significantly.

• They are pumping oil at near maximum capacity.

What was the UAE minister's response to Macron's comments?

• They announced a new oil production strategy.

• They confirmed production is at max capacity per OPEC+ agreement.

• They criticized Macron's comments.

• They denied any agreement with OPEC+.

What did Macron suggest about the GCC countries' role in the oil market?

• They are not part of the OPEC+ agreement.

• They will increase production immediately.

• They should not be relied upon to fill the market gap.

• They can easily fill the gap left by Russia.

What is the expected impact of the European ban on Russian crude?

• Increase in Russian oil production.

• No change in Russian oil production.

• Decrease in Russian oil output.

• Increase in Russian oil exports.

What is being discussed within the G7 regarding Russian oil?

• Complete ban on Russian oil.

• No discussions about Russian oil.

• Allowing some Russian oil to be sold at a capped price.

• Increasing Russian oil imports.