Oil prices fell more than 2 percent on Thursday ahead of an OPEC+ meeting later in the day.
The Financial Times reported that Saudi Arabia was prepared to pump more oil to compensate for any Russian output loss because of the Western sanctions imposed on it.
Benchmark Brent crude futures fell 2.4 percent to $113.49 a barrel, while West Texas Intermediate crude oil futures were down 2.5 percent at $112.38.
Media reports quoted two OPEC+ sources as saying that Saudi Arabia and other OPEC members may consider boosting oil output to offset a drop in Russian production as a result of Western sanctions on Moscow over its invasion of Ukraine.
The compensation to fill the gap left by Russian oil, if agreed, could take some pressure off surging global inflation and pave the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden.
