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Saudi Energy Minister denies OPEC+ plans to increase oil production

Greater Middle East (bbabo.net), - Saudi Energy Minister Prince Abdulaziz bin Salman categorically denies reports that the kingdom is in discussions with other OPEC+ members to increase oil production by 500 thousand barrels per day (b / d). This is stated in the message of the Saudi Press Agency.

“It is a known fact that OPEC+ does not discuss any decisions prior to their meetings. The current reduction in oil production by 2 million b/d will last until the end of 2023. And, if it is necessary to take further measures to reduce production in order to balance supply and demand, we will always be ready for this, ”the minister said, quoted by the agency.

UAE Minister of Energy and Infrastructure Suheil Al Mazroui also said that the country is not involved in any discussions about changing the OPEC + agreement, which is valid until the end of 2023.

“We remain committed to the goal of OPEC+ to balance the oil market and will support any decision aimed at this,” he wrote on his Twitter account.

Earlier, the Wall Street Journal, citing OPEC delegates, reported that Saudi Arabia and other OPEC countries are discussing the possibility of deciding to increase oil production by 500,000 b/d at the upcoming OPEC + meeting scheduled for December 4.

At the previous meeting on October 5, the alliance members agreed to reduce production by 2 million barrels per day from November, and also extended the deal until the end of 2023. Quotas under the OPEC+ deal as of August 2022 will be taken as the basis for calculating the reduction in oil production. The communique published following the meeting also notes that the decision to reduce production was made taking into account uncertainties both in the global economy and in the oil market.

Saudi Energy Minister denies OPEC+ plans to increase oil production