Reuters reveals Macron tells Biden that UAE, Saudi can barely raise oil output - Reuters News Agency
Energy

Reuters reveals Macron tells Biden that UAE, Saudi can barely raise oil output

Reuters was first to report a conversation captured by Reuters TV on the sidelines of the G7 summit. French President Emmanuel Macron told U.S. President Joe Biden that the president of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan, had told him two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, could barely increase oil output. Due to an already tight global oil supply backdrop, benchmark Brent oil prices jumped by over $2 a barrel to $115 per barrel after the comments were reported, as Saudi Arabia and the UAE have been perceived as the only two countries in OPEC and the world that still have some spare capacity and could help increase global deliveries. 

Market Impact

Due to an already tight global oil supply backdrop, benchmark Brent oil prices jumped by over $2 a barrel to $115 per barrel after the comments were reported, as Saudi Arabia and the UAE have been perceived as the only two countries in OPEC and the world that still have some spare capacity and could help increase global deliveries. 



Article Tags
Topics of Interest: Energy
Type: Reuters Best
Sectors: Government & Public Services
Regions: Europe / Middle East / Africa
Countries: Saudi ArabiaUAE
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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