Russia’s oil revenue faces further decline as Saudi Arabia plans to increase its oil production while Europe focuses on sanctions against Russian LNG.

Saudi Arabia is ready to abandon its unofficial price target of $100 per barrel of oil as it prepares to increase production and protect market share, writes the FT. From December, Saudi Arabia will increase average daily production by 83,000 barrels per month. As a result, one million additional barrels will be produced by December 2025.

Currently, the country produces 8.9 million barrels per day. The move by the Saudis may lead to a decline in Moscow’s income; when the price of Brent oil fell below $70 per barrel in September, Russian Urals traded at $57-60 per barrel.

At the same time, Belgium, one of the largest European importers of liquefied natural gas from Russia, called on the EU to ban Russian fuel, as the ban on Russian energy companies from using EU infrastructure has not had enough effect.

In turn, the Netherlands will raise this issue at a meeting of EU energy ministers next month.

Also, Britain imposed sanctions against five vessels and two related companies involved in the transportation of Russian LNG.