A video leaked of a conversation between French President Emmanuel Macron and US President Joe Biden, in which Macron tells Biden that UAE President Mohamed bin Zayed al-Nahyan has denied increasing oil production.
In the video that surfaced, the French President can be seen interacting with US President Joe Biden. In this video, Macron told Biden, “I spoke to Mohamed bin Zayed al-Nahyan on the phone. He told me two things. The first is that the UAE is producing as much oil as it can.
During the conversation, Emmanuel Macron told Joe Biden, “The President of the UAE told that Saudi Arabia can increase to 150 thousand barrels per day. They can increase the production of oil a little more but for this they will take up to 6 months. At the same time, Macron told Biden that now what do we have to do with Russia’s oil?
Biden was counting on Arab nations to produce more oil but a few hours ago French President Macron was overheard telling Biden that the United Arab Emirates is at max capacity & the Saudis can’t produce much more. It appears to be a direct appeal to Biden to produce more oil. pic.twitter.com/vRWJVpn3El
— Michael Shellenberger (@ShellenbergerMD) June 27, 2022
Actually, the Corona epidemic and then the Russo-Ukraine war have affected oil prices, which has a global impact. OPEC countries reduced production in view of the huge reduction in demand during the Corona epidemic. However, after the normalization of the situation, oil production was not increased much to compensate for the losses during the pandemic. During this oil prices were increased. This has had an impact on the whole world and has seen a huge increase in oil prices.
On the other hand, the Russo-Ukraine war caused a further rise in oil prices. Russia, a major oil exporter, has attacked Ukraine, for which it is facing several sanctions. Russia’s oil embargo has affected supplies in the global market and caused a steep rise in oil prices.