Saudi Arabia denies reports of a possible increase in oil production
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Saudi Arabia denies reports that the kingdom is in discussions with other OPEC+ members to increase oil production by 500,000 barrels per day, the Saudi Press Agency reported, citing Energy Minister Prince Abdulaziz bin Salman.
“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 further measures to reduce production are necessary to balance supply and demand, we will always be ready for this, ”said the minister (quote according to TASS).
The Wall Street Journal previously wrote that Saudi Arabia and other countries are discussing the possibility of increasing oil production by 500,000 b/d ahead of the upcoming OPEC + meeting, which is scheduled for December 4.
On August 3, OPEC+ announced that it would increase production by only 100,000 barrels per day in September, which was half the amount promised. On September 5, OPEC+ announced that it would cut production by 100,000 barrels per day, refusing to increase the rate.
On October 5, the countries participating in the OPEC+ deal, including Saudi Arabia and Russia, agreed to reduce oil production by 2 million barrels per day. NYT journalists claimed that this was allegedly a violation of the “secret” agreements between the United States and Saudi Arabia on the planned increase in production.
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