The British business newspaper Financial Times wrote that Saudi Arabia has indicated to Western allies that it is ready to increase production. The news came on the eve of a monthly OPEC+ meeting. On Thursday, members of the oil cartel OPEC and its allies, including Russia and Kazakhstan, are expected to agree a modest increase in production.
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The US government has repeatedly called on OPEC+ to increase production more quickly. With this, the Americans want to curb the rapidly rising petrol prices in the country, and with it the high inflation. The war in Ukraine has only made the situation worse. Due to the invasion, the costs for food, fuel, fertilizer and other things are increasing even more. Central banks are thereby spurred into action, which in turn could pose a threat to economic growth prospects.
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According to the Financial Times, there is talk of an immediate increase in oil supply by Saudi Arabia and the United Arab Emirates. This production increase could be announced as early as today’s meeting. The production increases planned for September could be brought forward.
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