- Analytics
- News and Tools
- Market News
- Saudi Arabia ready to pump more oil if Russian output sinks under ban – FT
Saudi Arabia ready to pump more oil if Russian output sinks under ban – FT
Saudi Arabia has indicated to western allies that it is prepared to raise oil production should Russia’s output fall substantially due to the energy sanctions against Moscow, the Financial Times (FT) reports, citing five people familiar with the discussions.
Key takeaways
“Saudi Arabia is aware of the risks and that it is not in their interests to lose control of oil prices.”
“Saudi Arabia’s view is that while the oil market is undoubtedly tight, which has buoyed the rise in prices, there are not yet genuine shortages.”
“There had been discussions about an immediate increase in production from Saudi Arabia and the United Arab Emirates, which could be announced at Thursday’s OPEC+ meeting.”
“But nothing has yet been finalised, and OPEC+ could still stick with its production plan that has been in place since the beginning of the COVID-19 crisis.”
Market reaction
WTI is consolidating the overnight losses around $111.00, as of writing, licking its wound after tumbling from near the $116.00 region on the above report.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
