Biden Visit Might Push For Saudi Arabia And OPEC To Make Up For Russian Oil Loss

Saudi Arabia and other OPEC members may increase oil supply to compensate for a reduction in Russian output, which may relieve pressure on growing global inflation and pave the way for US President Joe Biden's historic visit to Riyadh, reported Reuters.

Oil producer group OPEC+ approved a small production rise for June in early May.

According to Two OPEC+ sources, the group worked on making up for a drop in Russian oil output.

According to an OPEC+ source familiar with Russia's position, Moscow could consent to other producers upping output to compensate for Russia's lower output but not necessarily making up the entire gap.

"Ultimately, the compensation could be agreed," the source stated but said a decision might not be taken at Thursday's meeting of OPEC+.

Gulf source in OPEC+ stated that a decision on the matter was "highly possible" at Thursday's ministerial meeting.

"An impending Biden trip could apply pressure on Gulf OPEC producers to increase production," said a Gulf source, who also declined to be named due to the sensitivity of the matter.

Posted In: NewsCommoditiesTop StoriesMarkets