Saudi Arabia is ready to increase oil production, in case of a significant fall of oil production in Russia due to the imposition of Western sanctions, the Financial Times cited its sources.

According to the publication, discussions have taken place about an immediate production increase in Saudi Arabia and the United Arab Emirates, which could be announced at Thursday's OPEC+ meeting.

OPEC+ consists of members of the Organization of the Petroleum Exporting Countries and their allies, led by Russia.

The source said the production increase, scheduled for September, will be postponed until July and August.

Saudi Arabia, OPEC's largest producer, has previously rejected Washington's calls to increase oil production.

Saudi Arabia has agreed to change its stance and increase production to stabilize oil prices as part of a rapprochement with the Biden administration, according to a report citing sources familiar with the talks.

The country also assured that it will eventually respond by increasing production if there is a supply crisis in the oil market.