Financial Times: Saudi Arabia will increase oil production if Russian production falls

Saudi Arabia has revealed to Western allies that it is prepared to increase oil production if Russia's production falls dramatically due to recent sanctions in the energy sector against Moscow, the Financial Time reports, citing five sources close to discussions, Periscope follows.

Discussions have been held about the immediate increase in oil production from Saudi Arabia and the United Arab Emirates, which could decide at the OPEC+ meeting on Thursday, according to a report citing diplomatic sources.

Production increases, which were envisioned in September, would be brought in for July and August, the source said.

Saudi Arabia, the largest producer in the OPEC, had earlier rejected Washington's calls to increase oil production more than the gradual growth it has accepted as a member of the OPEC+ group, including Russia.

Saudi Arabia has agreed to change its stance and increase oil production in order to balance its price as part of an approach to the Biden administration, the report says, citing people with knowledge of negotiations. /Periscopi/