Saudis Ready To Boost Oil Output If Russian Output Drops 02/06/22

Saudis Ready to Pump More Oil If Russian Output Drops, FT Says

 

Saudi Arabia is prepared to boost oil output should Russian production fall substantially due to increasing sanctions, the Financial Times reported, citing five people familiar with the discussions.

 

There have been discussions about an immediate increase in output from the Saudis and the United Arab Emirates, which could be announced at an OPEC+ monthly meeting on Thursday, but nothing has been finalized, the FT said.  OPEC+ delegates indicated this week that the alliance will likely hold firm to its plans for another modest output boost for July.

 

The FT report comes ahead of a possible trip by US President Joe Biden to the Middle East, where record American gasoline prices and accelerating inflation will likely be tabled for discussion. The White House has repeatedly called for OPEC+ to rein in surging prices, which are a major political liability for Biden.

 

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