Posted on 06/27/2022 2:21:07 PM PDT by FarCenter
GARMISCH-PARTENKIRCHEN, Germany, June 27 (Reuters) - Two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President Emmanuel Macron on Monday said he had been told by the UAE's president.
Saudi Arabia and the UAE have been perceived as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to boost global deliveries that could reduce prices.
"I had a call with MbZ," Macron was heard telling U.S. President Joe Biden on the sidelines of the G7 summit, using shorthand for 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."
"And then he said (the) Saudis can increase by 150 (thousands barrels per day). Maybe a little bit more, but they don't have huge capacities before six months' time," Macron said.
The UAE's top energy official confirmed Macron's statement to the country's state news agency.
"In light of recent media reports, I would like to clarify that the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline," said Energy Minister Suhail bin Mohammed Al Mazrouei.
(Excerpt) Read more at reuters.com ...
Twilight in the Desert.
https://en.wikipedia.org/wiki/Twilight_in_the_Desert
“Peak Oil” has been, is, and always will be a big lie.
Our friends. What do we get for defending these 14th Century crapholes?
Macron seems worried. He knows it won’t be long before France breaks out into serious rioting.
“Peak Oil” has been, is, and always will be a big lie.”
Exactly, when Trump was Pres the world’s economies were booming and the oil supply was in surplus and growing.
The US has lots of potential production if the feds will step out of the way.
They could if more money is thrown at the problem.
Should have told the Saudi’s and Kuwatis for every US soldier who died defending/liberating their dirt the US should get free oil a year for each KIA.
What they don’t tell you is that the only way to increase production is to discover new reservoirs and drill more wells, which require time, talented explorationists and large capital investments. This is not flipping a switch or opening a valve. Every well has to be produced at its maximum efficient rate to keep from clogging up with sand or channeling in water (the death knell for an oil well). They don’t just keep a bunch of productive wells choked back waiting for the right time.
What they don’t tell you is that the only way to increase production is to discover new reservoirs and drill more wells, which require time, talented explorationists and large capital investments. This is not flipping a switch or opening a valve. Every well has to be produced at its maximum efficient rate to keep from clogging up with sand or channeling in water (the death knell for an oil well). They don’t just keep a bunch of productive wells choked back waiting for the right time.
but during the Trump years we were drowning in Oil
You accidentally hit the nail on the head. The UAE and Saudi would already be pumping more oil for the US if the US administration were behaving like friends to the Arabs, but the Biden administration (just like Obama before him) is actively cozying up to Iran for a vanity "peace deal" project that the Iranians will use to build nuclear weapons.
The Iranians are a much bigger concern to the Gulf Emirs than gas prices, but the leftist zealots currently running the country think they can magically produce green energy to make up for pissing off OPEC, and now that they've been caught by reality, they want a do over. The Arabs may live like they're still in the 14th century, but they are keenly aware of how the modern world works.
Macron is also mental don’t believe him
And there you have it. As long as Biden is foolishly doing business with Iran, there will be no cooperation with other countries.
Macron should have let dementia joe find that out for himself AFTER he scuffed up his knees in S.A. later this summer ...
And because of this lead time, if there is any significant chance of trouble with environ-MENTAL-ists, they simply won’t start anything up.
Hey, Joe. I know a country that can significantly raise its oil output. And if you wanted to you could make it happen.
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