Saudi, OPEC may make up for Russian oil output loss as Biden visit looms – Reuters
- Date: 02-Jun-2022
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
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.