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Scholz spokesperson: German Chancellor discussed energy with UAE president
A spokesperson for German Chancellor Olaf Scholz said that the Chancellor spoke on Tuesday (July 5) with United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan and discussed issues including energy.
The spokesperson said in a statement: “In a telephone conversation, the Chancellor and the President spoke about bilateral cooperation, including in the areas of energy and climate protection, regional issues as well as the Russian attack on Ukraine and its global impact.”
The United Arab Emirates is close to its oil output ceiling under OPEC+ agreements, an official said, ahead of a regional visit by US President Joe Biden, who is expected to lobby for increased production.
The Gulf state stressed it was committed to the OPEC+ figure of 3.168 million barrels of oil per day (bpd). Biden will visit neighboring Saudi Arabia, the world’s biggest oil exporter, as part of his tour next month.
Oil production has come into sharp focus since Russia’s invasion of Ukraine triggered extreme volatility in the markets, raising the price of fuel and other goods around the world.
UAE residents report strong tremors after multiple earthquakes kill at least 5 in Iran
The United Arab Emirates (UAE) is estimated to hold the seventh-largest proven oil and natural gas reserves globally.
The UAE produces an average of 3 million barrels of petroleum and liquids per day and has oil reserves of 100 billion barrels. Approximately 30% of the country’s GDP is directly based on its oil and gas output, contributing to almost 13% of the value of its total exports.
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