Saudi Arabia Ready To Pump More Oil If Russian Output Sinks Under Ban (FT)

FT sources have reported that "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. The kingdom has so far 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 it fears the energy crunch could get significantly worse later this year. Saudi Arabia believes it needs to keep spare production capacity in reserve. But fears of outright supply shortages have risen after the EU launched another round of sanctions against Moscow, including a ban on importing seaborne cargoes of Russian oil into the bloc."