According to several sources familiar with the matter, French President Emmanuel Macron will host the leader of the oil-rich United Arab Emirates in Paris next week, as European nations seek alternatives to Russian energy in the midst of the conflict in Ukraine.
According to several sources familiar with the matter, French President Emmanuel Macron will host the leader of the oil-rich United Arab Emirates in Paris next week, as European nations seek alternatives to Russian energy in the midst of the conflict in Ukraine.
Mohammed bin Zayed, also known as MBZ, will be in the capital of France on July 18, according to a source. The French presidential administration declined to comment.
Since the European Union has pledged to reduce its reliance on Russia, its largest source of energy imports, France has been in talks with the UAE about increasing oil and diesel supplies. In response to Moscow’s invasion of Ukraine, the EU has imposed six packages of sanctions.
French Finance Minister Bruno Le Maire told local media in June that oil and diesel from the UAE could serve as a temporary substitute for those from Russia.
Macron was captured on camera last month telling US President Joe Biden at the G-7 summit that MBZ informed him that Abu Dhabi’s oil production is at “maximum” and Saudi Arabia can only increase “a little bit more.”
Energy Minister Suhail al Mazrouei of the United Arab Emirates clarified that MBZ was referring to quota limits agreed upon with other OPEC members, but uncertainty remains.
The trip to Paris is scheduled to take place a few days after Biden makes his first trip to Saudi Arabia as vice president, in part to see if Persian Gulf oil producers will increase output and help bring down crude prices, which have risen 35 percent to more than $100 per barrel this year. This has contributed to higher inflation and a cost-of-living crisis in many nations.
The UAE holds approximately 6 percent of proven crude oil reserves and some of the world’s largest wealth funds. It is one of the most prominent members of the Organization of the Petroleum Exporting Countries.
Macron and MBZ will also discuss potential UAE investments in France as well as the close security ties between the two countries. The United Arab Emirates purchased 80 Rafale fighter jets from France during Emmanuel Macron’s December visit to Dubai.
