YGRN - Oil roundup: OPEC meeting output rumors and Saudi ties

Energy traders aren't sleeping much these days as headline after headline keeps the industry on its toes. A report from the Financial Times early Thursday suggested that Saudi Arabia told the West it was prepared to raise oil production if Russia's output fall substantially under the weight of sanctions. It's an interesting turn for the Kingdom, which has resisted calls to increase production despite oil trading at decade highs, though crude futures (CL1:COM) still fell more than 2% to under $113/bbl in response to the report. Snapshot: Earlier this week, EU leaders agreed to ban 90% of Russian crude by the end of the year as part of the bloc's sixth sanctions package on Moscow. Another report from the Wall Street Journal on Tuesday outlined that OPEC+ could suspend Russia from a supply deal due to economic fallout from its invasion of Ukraine and its ability to pump more crude. The oil

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Oil roundup: OPEC meeting, output rumors and Saudi ties