Saudi Arabia denies discussion on oil output increase, Abdulaziz bin Salman, the energy minister for Saudi Arabia, on Monday refuted media reports that his nation is considering raising its oil production.
Saudi Arabia denies discussion on oil output increase
“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 was quoted by the Saudi Press Agency (SPA) as saying.
He denied the claims made in the SPA report that the kingdom is in talks with other OPEC producers about increasing production by 500,000 barrels per day. The minister noted that OPEC+, which consists of OPEC’s 13 members and its 10 non-member allies, has not discussed any decisions prior to its meetings.
The following OPEC+ gathering is anticipated to occur on December 4. On September 5, OPEC+ decided to modestly reduce oil production by 100,000 barrels per day, reversing the increase they had approved a month earlier and demonstrating their commitment to maintaining a price of about $100 per barrel. The Saudi minister stated that the reduction in production was necessary to preserve market stability in September.
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