#Saudi, OPEC may make up for Russian oil output loss as Biden visit looms | Reuters

Saudi, OPEC may make up for Russian oil output loss as Biden visit looms | Reuters

Saudi Arabia and other OPEC states may boost oil production to offset a drop in Russian output, a move that could ease sky-high oil prices and surging inflation and may also pave the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden.

Two OPEC+ sources said the group was working on making up for a drop in Russian oil output as Russia's production has fallen by about 1 million barrels per day (bpd) as a result of Western sanctions on Moscow over its invasion of Ukraine.

Oil fell $3 to about $113 a barrel on news of the possible OPEC output boost, but was still near a more than decade high after a spike this year close to an all-time peak of $147.

One OPEC+ source familiar with the Russian position said Moscow could agree to other producers raising production to compensate for Russia's lower output, although not necessarily making up all the shortfall.