A new report suggests Saudi Arabia may increase oil production. This comes just ahead of the OPEC+ meeting today. Sharon Cho reports. Oil dropped below $113.50 a barrel following reports US President Joe Biden is likely to visit Saudi Arabia this month and that the kingdom is ready to pump more crude should Russian output decline substantially due to increasing sanctions over its invasion of Ukraine. West Texas Intermediate futures fell more than 3% before paring some of those losses, while Brent traded under $112.50. The decrease follows a steep rise in prices last month and comes amid signs that the strained relationship between Saudi Arabia, the world’s biggest oil exporter, and the US is improving. Biden will almost inevitably meet de facto Saudi ruler Crown Prince Mohammed Bin Salman, who he has so far shunned, if he does travel to the country. That may pave the way […]