Reply To: Around The Barrel – Crude Oil and Gasoline Outlook as Global Recession Looms

#39352
TradersCom
Keymaster

Macron overheard at G7 talking with Bidenvia Reuters

“I had a call with MbZ,” he said, referring to the de facto Saudi leader. “I’m at a maximum, maximum (production capacity). This is what he claims.”

“And then he said (the) Saudis can increase by 150 (thousand barrels per day). Maybe a little bit more, but they don’t have huge capacities before six months time,” he said.

Officially Saudi Arabia is producing 10.5 mbpd and has 12-12.5 mbpd of capacity. The UAE is producing at 3 mbpd and has capacity for 3.4 mbpd.