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 as a result of Western sanctions on Moscow over its invasion of Ukraine.
However, a Gulf source in OPEC+ said a decision on the matter was “highly possible” at Thursday’s ministerial meeting. A source briefed on the matter said Washington wanted clarity on oil output plans by Saudi Arabia and the United Arab Emirates before a potential Biden visit for a summit with Gulf Arab leaders, including MbS, in Riyadh.“An impending Biden trip could apply pressure on Gulf OPEC producers to increase production,” said a Gulf source, who also declined to be named due to the sensitivity of the matter.
But Western sanctions could reduce production from Russia, the world’s second largest oil exporter, by as much as 2 million to 3 million bpd, according to a range of industry estimates. Saudi Arabia is now producing 10.5 million bpd and has rarely tested sustained production levels above 11 million bpd.