Saudi Arabia will increase oil production if Russian production comes under sanctions

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Saudi Arabia will increase oil production if Russian production comes under sanctions

Saudi agreed to shift its stance and raise output to calm oil prices as part of a rapprochement with Biden administration, the report said, citing people familiar with the talks.

Story Highlights

  • Saudi Arabia, the top producer in OPEC, has previously rebuffed calls by Washington to boost oil output by more than the gradual increases it has agreed to as a member of the OPEC+ group which includes Russia.

  • The country has also assured to eventually respond by raising production should a supply crunch hit the oil market, the report added.