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Brent crude extends losses reported that Saudi Arabia may increase production

 Last Update: 2023-02-20
 Source: Internet
 Author: User

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Brent crude futures extended losses to 2.
4 percent, citing five sources familiar with the matter as reporting that Saudi Arabia was ready to increase oil production
if Russia reduced supplies because of sanctions.

Saudi Arabia is aware of the risk of Russian crude oil supply and does not want to lose control
of oil prices.

One option is for Saudi Arabia and the United Arab Emirates to increase production immediately, and the increase measures may be announced at the OPEC+ meeting on Thursday, everything is not yet finalized, and OPEC+ may maintain the production plan
since the outbreak of the epidemic.

Production increases in September are expected to be brought forward to July and August
.
OPEC+ will need to approve the change
.

Brent crude futures tumbled to $113.
54 a barrel, after falling 5.
3 percent
on Wednesday.

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