Saudi Arabia has indicated to its Western allies that it is prepared to increase oil production in the event that Russia’s production falls substantially due to energy sanctions against Moscow.as reported by the Financial Times (FT), citing five people familiar with the discussions.
Key points
“Saudi Arabia is aware of the risks and that it’s not in your interest to lose control of oil prices.
“Saudi Arabia’s view is that while the oil market is undoubtedly tight, which has pushed prices higher, there is still no real shortage.”
“There was talk of a immediate increase in production from Saudi Arabia and the United Arab Emirateswhich could be announced at Thursday’s OPEC+ meeting.”
“But Nothing has been finalized yet, and OPEC+ could continue with its current production plan since the start of the COVID-19 crisis.”
Source: Fx Street
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