Higher oil output by Saudi Arabia to help curb Russian profits - Yermak

Saudi Arabia's decision to increase daily oil production to 13 million barrels will help reduce Russia's profits off oil exports.

That’s according to Andriy Yermak, chief of the Ukrainian President’s Office, Ukrinform reports.

"Saudi Arabia's decision to increase its daily oil production capacity... will help lower world prices somewhat, as well as reduce Russian profits," Yermak noted.

However, according to Yermak’s statement, it is now important that the world leaders, despite all difficulties, agree on capping Russian oil prices, an idea put forward by the McFaul-Yermak group as a temporary measure prior to imposing a total embargo, which is being promoted by the United States.

"The world must understand that there is life without Russian energy resources. There is also life without the terrorist state of Russia," the head of the President’s Office emphasized.

Saudi Arabia has earlier agreed to increase oil production after President Joe Biden met with Saudi Arabia's Crown Prince Mohammed bin Salman. The output will go up to 13 million barrels a day from about 4 million barrels.

The United States is making significant international efforts to ensure that Europe gets rid of any dependence on Russian gas, oil, and other energy supplies, according to Jake Sullivan, U.S. President’s National Security Advisor.

Saudi Arabia is one of the world’s largest oil importers. OPEC said that the country produced about 9 million barrels of oil per day in 2021. Along with other countries that are part of the oil cartel, Saudi Arabia cut production when the pandemic hit and demand fell, agreeing to gradually increase output to regulate prices.