Saudi Arabia Denies Discussing With OPEC 500,000 B/d Production Increase - Energy Minister

Saudi Arabia denies reports that it is discussing with other OPEC countries an increase in production by 500,000 barrels per day, and plans to maintain the current quota reduction by 2 million barrels per day until the end of 2023, Saudi Energy Minister Abdulaziz bin Salman Al Saud said on Monday

MOSCOW (UrduPoint News / Sputnik - 21st November, 2022) Saudi Arabia denies reports that it is discussing with other OPEC countries an increase in production by 500,000 barrels per day, and plans to maintain the current quota reduction by 2 million barrels per day until the end of 2023, Saudi Energy Minister Abdulaziz bin Salman Al Saud said on Monday.

Earlier in the day, the Wall Street Journal reported, citing OPEC delegates, that Saudi Arabia and other OPEC+ oil producers are discussing increasing production by 500,000 barrels per day at a meeting of the alliance on December 4, which could help improve Saudi-US relations.

"It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings. The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene," the minister said, as quoted by the Saudi Press Agency (SPA), adding that there are no discussions of any production increase.

World oil prices slowed down to 1% from 5% after Saudi Arabia denied reports of a possible increase in OPEC+ oil production, according to trading data.