For a long time, Saudi Arabia tried to avoid the need to increase oil production, even though the cost of raw materials on the world market reached a record, over the past decade, almost $120 per barrel.. However, in connection with the recently imposed embargo on Russian oil by the European Union, the country's leadership has somewhat revised its views, Ukrayinska Pravda writes with reference to the Financial Times..

The main argument against increasing the production of raw materials in Saudi Arabia was called the need to keep spare production capacity in reserve.. But the situation was greatly influenced by the recently adopted sixth package of EU sanctions.. And there are fears in the global market about a direct shortage of supplies, although there is no real shortage yet..

The loss of control over the cost of oil is not in the interests of the SA, so the rhetoric on this issue has softened significantly..

Saudi Arabia ready to produce more oil if Russian production falls due to ban.

It also became known from diplomatic sources that the SA and the United Arab Emirates may, as early as Thursday, at the OPEC + meeting, announce an immediate increase in the production of " However, there is still no final decision on this issue.. Therefore, OPEC+ countries will continue to adhere to the previously agreed plan..

Today, June 2, a meeting of 13 members of the Organization and 10 non-member countries, including the Russian Federation, will take place. Earlier, some OPEC members proposed to suspend Russia's participation in the oil production agreement..