Oil prices fall as OPEC considers pumping more to make up for Russia

Oil prices fell on Thursday on reports that OPEC could start to pump more crude to make up for a drop in Russian production caused by Western sanctions.

some members of the oil exporters' cartel were exploring the idea of suspending the OPEC+ supply agreement with Russia.

This would allow countries such as Saudi Arabia and the United Arab Emirates to step in and ease a supply crunch

Saudi Arabia, OPEC's de-facto leader, had indicated to Western allies that it was prepared to raise its oil production if Russian output fell substantially

An agreement could come as early as Thursday at a meeting of OPEC and Russian energy ministers, according to Reuters.

Saudi Arabia had previously dismissed US requests to increase production beyond a long standing quota agreed with Russia and other non-OPEC producers.

But concerns that sky-high prices could tip the world into recession appear to be prompting a rethink.

Russian oil production had fallen by about 1 million barrels per day in recent months as result of Western sanctions.

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