Energy Library

Saudi Arabia and the United Arab Emirates could pump more oil, in what would be "a significant increase", in case oil production faces a severe supply crunch this winter. However, the two Arab countries remain reluctant to increase production to the levels demanded by the US, at least officially. 

All this comes at a time when OPEC+ members are reportedly producing crude oil below their allocated quotas. This low production could be due to the sanctions applied to Russia by the West, as well as the lack of investment needed to increase pumping. In this respect, in June alone, production was almost 3 billion barrels per day below the allocated quota.