Financial TimesFinancial Times

Saudi Arabia ready to pump more oil if Russian output sinks under ban

By Derek Brower, David Sheppard, Samer Al-Atrush

02 Jun 2022 · 3 min read

Saudi Arabia has indicated to western allies that it is prepared to raise oil production should Russia’s output fall substantially under the weight of sanctions, according to five people familiar with the discussions.

The kingdom has resisted calls from the White House to accelerate production increases despite oil prices trading near $120 a barrel, the highest level in a decade, arguing that the energy crunch could get significantly worse this year. Saudi Arabia believes it needs to keep spare production capacity in reserve.

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