Saudi, OPEC may make up for Russian oil output loss as Biden visit looms – Reuters

Saudi, OPEC may make up for Russian oil output loss as Biden visit looms – Reuters

DUBAI/LONDON, June 2 (Reuters) - Saudi Arabia and other OPEC members may boost oil output to offset a drop in Russian production, a move that could take some pressure off surging global inflation and pave the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden.

Two OPEC+ sources said the group was working on making up for a drop in Russian oil output as Russia's production has fallen by about 1 million barrels per day (bpd) as a result of Western sanctions on Moscow over its invasion of Ukraine.

One OPEC+ source familiar with the Russian position said Moscow could agree to other producers raising production to compensate for Russia's lower output but not necessarily making up all the shortfall.