Saudi Arabia is ready to increase oil production if there is a shortage in the oil market in connection with the sanctions introduced against Russia for military invasion of Ukraine. The production increase in July and August planned for September was transferred to the Financial Times on Thursday, June 2, citing informed sources.
According to the report, the kingdom changed its position in this matter in order to control oil prices under rapprochement with the US administration. The official statement in this connection may already be followed at the meeting of OPEC+planned on June 2, the newspaper writes.
Saudi Arabia – the largest oil manufacturer in the organization of oil exporters (OPEC) – has still refused to accelerate the increase in production, despite the sharp increase in prices and the pressure of Washington. The kingdom considered it necessary to hold free production capacities in the reserve. At the same time, fears intensified after the EU introduction of the next package of sanctions against the+ Russia included in OPEC+, which includes a partial oil embargo.