BML 4.81 Decreased By ▼ -0.10 (-2.04%)
BOP 12.94 Decreased By ▼ -0.19 (-1.45%)
CNERGY 7.03 Decreased By ▼ -0.01 (-0.14%)
CPHL 83.80 Decreased By ▼ -0.57 (-0.68%)
DCL 13.54 Decreased By ▼ -0.26 (-1.88%)
DGKC 171.99 Increased By ▲ 1.25 (0.73%)
FCCL 46.00 Decreased By ▼ -0.02 (-0.04%)
FFL 15.68 Increased By ▲ 0.04 (0.26%)
GCIL 25.85 Decreased By ▼ -0.24 (-0.92%)
HUBC 144.28 Decreased By ▼ -1.39 (-0.95%)
KEL 5.26 Decreased By ▼ -0.01 (-0.19%)
KOSM 6.35 Decreased By ▼ -0.01 (-0.16%)
LOTCHEM 20.70 Increased By ▲ 0.05 (0.24%)
MLCF 84.79 Increased By ▲ 0.31 (0.37%)
NBP 123.40 Decreased By ▼ -2.82 (-2.23%)
PAEL 41.45 Decreased By ▼ -0.34 (-0.81%)
PIAHCLA 21.69 Decreased By ▼ -0.34 (-1.54%)
PIBTL 8.84 Increased By ▲ 0.11 (1.26%)
POWER 13.77 Decreased By ▼ -0.12 (-0.86%)
PPL 163.00 Decreased By ▼ -2.47 (-1.49%)
PREMA 41.71 Decreased By ▼ -0.40 (-0.95%)
PRL 32.25 Decreased By ▼ -0.27 (-0.83%)
PTC 21.63 Decreased By ▼ -2.06 (-8.7%)
SNGP 116.18 Decreased By ▼ -0.37 (-0.32%)
SSGC 43.34 Decreased By ▼ -1.23 (-2.76%)
TELE 7.85 Decreased By ▼ -0.19 (-2.36%)
TPLP 9.91 Decreased By ▼ -0.09 (-0.9%)
TREET 22.90 Decreased By ▼ -0.18 (-0.78%)
TRG 56.55 Decreased By ▼ -0.24 (-0.42%)
WTL 1.49 Decreased By ▼ -0.03 (-1.97%)
BR100 13,853 Increased By 73.9 (0.54%)
BR30 39,531 Decreased By -87.6 (-0.22%)
KSE100 136,380 Increased By 440.1 (0.32%)
KSE30 41,546 Increased By 172.6 (0.42%)

Saudi Arabia is prepared to raise its oil production if Russia’s output falls substantially because of the western sanctions imposed on it, the Financial Times reported on Wednesday, citing sources.

Discussions had been held about an immediate increase in production from Saudi Arabia and the United Arab Emirates, which could be announced at Thursday’s OPEC+ meeting, according to the report, citing a diplomatic source.

OPEC+ comprises of members of the Organization of the Petroleum Exporting Countries and their allies led by Russia.

Production increases that are scheduled for September would be brought forward to July and August, the source said.

Saudi Arabia, the top producer in OPEC, has previously rebuffed calls by Washington to boost oil output by more than the gradual increases it has agreed to as a member of the OPEC+ group which includes Russia.

Oil prices fall as investors await OPEC+ policy

Saudi agreed to shift its stance and raise output to calm oil prices as part of a rapprochement with Biden administration, the report said, citing people familiar with the talks.

The country has also assured to eventually respond by raising production should a supply crunch hit the oil market, the report added.

Comments

Comments are closed.