new York According to a newspaper report, Saudi Arabia is prepared to increase its oil production if Russian oil production fails. The country has pledged to increase production if the oil market experiences a supply shortage due to sanctions against Russia, the Financial Times (FT) reported on Wednesday, citing people familiar with the matter.
The production increases planned for September would be brought forward to July and August. The country has changed stance to calm oil prices as part of a rapprochement with the US government, the report said. According to the newspaper, the official announcement could already be made at the OPEC plus meeting on Thursday.
The media report had an immediate impact on oil prices on Thursday. Speculations about the increasing supply push the price of the North Sea variety Brent into the red. A barrel of oil fell almost two percent to $114.
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