Saudi Arabia is prepared to increase oil production if Russia’s output falls significantly, Financial Times reported, quoting five people familiar with the matter.
The prices of oil are down Thursday morning, with international benchmark, Brent crude falling over 2%.
At the time of writing this report, Brent is 2.43% down at $113.46 per barrel while the US oil, Western Texas Intermediate is 2.44% down at $112.45 per barrel.
Western Canadian Select is also losing 2.36% trading at $99.65 per barrel. Bonny Light traded at $124.20 per barrel.
Saudi has resisted calls from the US to increase oil production to stem the rising oil prices following Russia’s invasion of Ukraine and the subsequent sanctions.
The Kingdom had said it needed to keep spare production capacity in reserve. However, there is increased fear of oil shortage following a new round of sanctions on Russia by the EU.
The news sanctions include a ban on importing seaborne cargoes of Russian oil into the bloc.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
