Saudi Arabia will increase oil production if Russian production falls under sanctions – FT By Reuters

Saudi Arabia will increase oil production if Russian production falls under sanctions – FT By Reuters

© Reuters. FILE PHOTO: Overview of Saudi Aramco’s Ras Tanura Oil Refinery and Saudi Arabia Oil Terminal on May 21, 2018 REUTERS / Ahmed Jadallah / File Photo

(Reuters) – Saudi Arabia is ready to increase its oil production if Russian production falls significantly due to Western sanctions imposed on it, the Financial Times reported on Wednesday, citing sources.

The current increase in production from Saudi Arabia and the United Arab Emirates was discussed, which could be announced at the OPEC + meeting on Thursday, according to the report https://www.ft.com/content/cf18ce69-e46a-4802- 9058-1340c5a2c94d , citing a diplomatic source.

OPEC + consists of members of the Organization of the Petroleum Exporting Countries and their Russian-led allies.

The increase in production planned for September will be postponed to July and August, the source said.

Saudi Arabia, the largest producer in OPEC, has previously turned down calls from Washington to increase oil production by more than the gradual increase it has agreed to as a member of the OPEC + group, which includes Russia.

Saudi Arabia has agreed to change its stance and increase production to calm oil prices as part of the Biden administration’s rapprochement, the report said, citing people familiar with the talks.

The country also assured that it would eventually respond by increasing production if there is a supply crisis in the oil market, the report added.



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