Saudi Arabia mulls pumping more oil to offset lost Russian production

The move would represent a significant shift for the Saudis, who have resisted calls from the U.S., U.K. and other Western countries to pump more oil to help reduce a price boom resulting from Russia’s invasion of Ukraine. The discussions come after a flurry of diplomacy between Washington and Riyadh, with senior U.S. officials traveling to Saudi Arabia in recent weeks to broker a deal, officials familiar with the discussions said.

The Saudis are planning to discuss the new output plan at a meeting Thursday between the Organization of the Petroleum Exporting Countries, which it leads, and a coalition of other producers led by Russia—together known as OPEC+. That group has so far been dedicated to a series of small monthly output increases that have done nothing to stop oil prices from surging above $100 a barrel since the Feb. 24 invasion.

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