“....Macron telling Biden that the United Arab Emirates is already at capacity with oil production and that Saudi Arabia cannot produce much more either.”
Imagine this knowledge, well known and thoroughly reported on for many months being news to this bonehead administration. Wait, there’s no need to imagine it. These capacity numbers are VERY well known and constantly monitored by big oil users and speculators and they REALLY put their (big) money where their brains are, hedging their anticipated consumption/exposure.
Biden knew they were at capacity, he has been told this already. He just forgot it.