Oil quotations are declining after an active growth the day before, caused by concerns about the supply of fuel in the global market.

On the eve of the UAE Minister of Energy and Infrastructure Suheil al-Mazroui confirmed that the country is close to maximum production based on the quota of 3.168 million barrels per day. Also, French President Emmanuel Macron told his US counterpart Joe Biden that Saudi Arabia has the ability to increase production by about 150,000 bpd, but will not be able to provide a significant increase in supply in the next six months.

It was previously thought that it was the UAE and Saudi Arabia that could increase production if necessary. The rest of OPEC is having difficulty raising oil production to target levels.

“Given the limited spare capacity, we think Saudi Arabia will be cautious about increasing supply and will do so gradually rather than just dumping all those barrels at one time and risk losing control of the market,” said RBC Capital Markets analyst Helima Croft.

“Saudi Arabia may decide to offset lagging production targets in countries such as Angola and Nigeria to stay within the broad framework of the agreement, which will be in place until December,” she added.

Traders are also awaiting the release of weekly data from the U.S. Department of Energy on the country’s energy inventories, which is scheduled for Wednesday. The data were not released last week due to problems in electronic systems. They will be released along with the new data, the Energy Department said in a statement.

The cost of August futures for Brent on the London-based ICE Futures exchange by 8:30 Moscow time on Wednesday is $116.96 per barrel, down $1.02 (0.86%) from the previous session’s closing price. At the end of trading on Tuesday, these contracts rose by $2.89 (2.5%) to $117.98 per barrel, renewing the maximum in almost two weeks.

The price of WTI oil futures for August at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time decreased by $0.81 (0.72%) – to $110.95 per barrel. The day before, the cost of futures rose by $2.19 (2%), to $111.76 per barrel.