Oil prices eased today after Saudi Arabia indicated it could step up oil production if Russian output dips under sanctions, with international benchmark Brent crude falling 0.8% to USD 115.39 per barrel.
The kingdom is “aware of the risks and that it is not in their interests to lose control of oil prices,” the Financial Times reports, citing people it says are familiar with the matter.
This comes after EU leaders agreed to ban 90% of Russian crude by the end of the year as part of the bloc’s sanctions on Russia in retaliation for invading Ukraine, which initially pushed oil prices up.
Earlier, prices fell amid signs that the strained relationship between Saudi Arabia, the world’s biggest oil exporter, and the US is thawing.
Biden will likely meet de-facto Saudi ruler Crown Prince Mohammed Bin Salman if he does travel to the country. That may pave the way for a production boost from the kingdom and help lower US fuel prices, which have soared to record highs, putting pressure on Biden ahead of November’s mid-term elections.
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