Riyadh and Abu Dhabi conditions to increase oil production according to Reuters.
An English news agency, citing several informed persons, described the conditions under which Saudi Arabia and the United Arab Emirates will agree to increase their oil production.
“Reuters” news agency wrote on Thursday, citing several informed people, that Saudi Arabia and the United Arab Emirates will increase their oil production only if the fuel crisis worsens in the winter.
Reuters quoted people familiar with the thoughts of the major oil exporters in the Persian Gulf and wrote that Riyadh and Abu Dhabi, as the heads of OPEC, are ready to increase their production “significantly” if the world faces an intensification of the energy crisis in the winter.
Yesterday (Wednesday), OPEC+ added only 100,000 barrels per day to its production, despite the request of US President Joe Biden to the Saudis to increase oil production, which was raised during his recent trip to Jeddah.
Reuters reported this news citing three informed people who did not want to be named due to the sensitivity of the matter. One of these people explained the decision of OPEC+ on Wednesday: “Given the possibility that Europe will not have gas this winter, and probably at the beginning of the new year, the price ceiling will be placed on the sale of Russian oil, we cannot sell all our oil barrels.” Let’s go to the market now.”
Another person said about this, this decision is minor but a sign of goodwill. He added: “This amount is small, but it shows that OPEC+, which includes many countries including Russia, Iran, and Venezuela, and their opposition, has been able to reach a consensus and move forward.”
The people did not provide details on the potential increase in oil production under these conditions, but speculated that Saudi Arabia and the UAE could add between 2 and 2.7 million barrels per day to their production.
