In the networks, the video from yesterday in which a very confused French President Macron is seen and heard explaining to President Biden the state of the oil market has gone viral, but worse, it has jumped oil prices today by about 2%.
Macron says he spoke with the president of the Emirates who told him that his country could not supply more oil than it supplies today. Macron added that he was explained that Saudi Arabia has the option of adding only 150,000 barrels a day to the amount it supplies today.
But if this is what Macron understood and this is how things are conducted between the leaders, all that remains is to worry. Macron apparently did not understand what he was told. The Emirates today utilizes its full quota in accordance with the OPEC + agreement and therefore can no longer supply without violating it. Saudi Arabia currently supplies less than its quota and can therefore add another 150,000 barrels per day.
Both countries have another production capacity ranging from 3 to 4 million barrels per day and it actually serves as the global reserve or safe of the oil market. They are currently not interested in using this capability for their own reasons.