Saudi Arabia is prepared to pump additional oil if Russian supply declines as a result of the ban – Financial Times

The Saudi Arabian oil minister has told western allies that it is willing to increase oil production if Russia's output falls significantly as a result of the energy sanctions, according to the Financial Times (FT), citing five people involved in the

June 02, 2022 - 02:34 PM 227 views

Saudi Arabia is prepared to pump additional oil if Russian supply declines as a result of the ban – Financial Times

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© Saudi Arabia is prepared to pump additional oil if Russian supply declines as a result of the ban – Financial Times

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The Saudi Arabian oil minister has told western allies that it is willing to increase oil production if Russia's output falls significantly as a result of the energy sanctions, according to the Financial Times (FT), citing five people involved in the talks.

Important Takeaways

"Saudi Arabia is well aware of the dangers and understands that losing control of oil pricing is not in their best interests."

"Saudi Arabia believes that, while the oil market is definitely tight, boosting prices, there are no serious shortages at this time."

"Saudi Arabia and the United Arab Emirates have discussed an immediate increase in output, which might be revealed at the OPEC+ meeting on Thursday."

But, however, nothing has been finalized yet and OPEC+ will probably stick to its production plan which has been in place since the start of the COVID-19 concerns.

The Market Reaction

Currently, at the time of writing, the WTI is assorting the late night losses at $111.00, flicking the wounds and plunging from the near $116.00 from the above report.

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