OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a 'significant increase' in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said.
Saudi Crown Prince Mohammed bin Salman speaks during the Jeddah Security and Development Summit in Jeddah, Saudi Arabia, July 16, 2022. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS//File PhotoLONDON/DUBAI, Aug 4 - OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a "significant increase" in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said.
The sources did not quantify any increase, but said Saudi Arabia, the UAE and some other OPEC members possessed around 2.0-2.7 million bpd of spare production capacity. The invasion, begun on Feb. 24, which Moscow terms a "special military operation" sent European gas prices to records and lifted international Brent crude to 14-year-highs.
"There are growing fears of demand destruction and if the current trend continues, additional barrels would put unwanted downside pressure on prices and, at the same time, would unnecessarily deplete thinning spare capacity."After Biden visited Saudi Arabia in July to press for extra oil to cool international markets, analysts had speculated OPEC+ would increase supply.
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