New York, (EFE) – The price of Texas intermediate oil (WTI) opened this Thursday with a drop of 1.02%, to 114.08 dollars a barrel, after the Financial Times reported that Saudi Arabia could increase the crude oil production if Russia’s production drops significantly after European Union (EU) sanctions.
At 0905 New York local time (1305 GMT), WTI futures contracts for delivery in July were down $1.18 from the previous session’s close.
Oil prices fell, following a report that Saudi Arabia is ready to increase crude output if Russia’s output drops significantly following European Union sanctions.
The news comes ahead of a monthly meeting of the OPEC+ alliance this Thursday, of which Russia is a part.
For its part, Russia, which is the second largest exporter of black gold in the world behind Saudi Arabia, warned today that the new sanctions adopted by the EU against Moscow, which include a partial embargo on Russian oil, will have a “self-destructive effect”. for twenty-seven.
“It is clear that the main elements of the new package of unilateral anti-Russian restrictions agreed under the slogan of combating (energy) dependence on Russia will have a self-destructive effect for the European Union,” the Russian Foreign Ministry stressed in a statement.
