GARMISCH-PARTENKIRCHEN, Germany, June 27 (Reuters) – Two of OPEC’s top oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President Emmanuel Macron said on Monday. to the information of the President of the United Arab Emirates.

Saudi Arabia and the United Arab Emirates were seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to increase global deliveries which could reduce prices.

“I had a call with MbZ,” Macron told US President Joe Biden on the sidelines of the G7 summit, using the shorthand of UAE leader Sheikh Mohammed bin Zayed al-Nahyan. “He told me two things. I’m at max, max (production capacity). That’s what he claims.”

“And then he said that (the) Saudis can increase by 150 (thousand barrels per day). Maybe a little more, but they don’t have huge capacities for six months,” Macron said.

The UAE’s top energy official confirmed Macron’s statement to the country’s state news agency. Read more

“In light of recent media reports, I would like to clarify that the UAE is producing close to our maximum production capacity based on its current OPEC+ production,” said Energy Minister Suhail bin Mohammed Al Mazrouei.

Global oil prices have been rising steadily in recent months due to a supply shortage and a rebound in demand from the worst of the coronavirus outbreak. Prices have risen further since Moscow invaded Ukraine in late February.

On Monday, benchmark crude rose after Reuters reported Macron’s comments. Brent oil prices rose 1.7% to top $115 a barrel as the West looks for ways to cut Russian oil imports to punish Moscow.

Saudi Arabia produces 10.5 million bpd and has a nameplate capacity of 12.0 to 12.5 million bpd, which should in theory allow it to increase production by 2 million.

The United Arab Emirates produces about 3 million bpd, has a capacity of 3.4 million bpd and is working to increase it to 4 million bpd.

Europe is looking for ways to replace up to 2 million bpd of Russian crude and some 2 million bpd of refined products it imported from Moscow before the war in Ukraine.

Reporting by Reuters TV; Written by Dmitry Zhdannikov; Editing by Jan Harvey and Grant McCool

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