Saudi Energy Minister Abdulaziz bin Salman on Monday denied media claims that his country was considering an increase in oil production.
“The current cut of two million barrels per day decided by OPEC+ will continue until the end of 2023. If it becomes necessary to take additional measures by reducing production to balance supply and demand, we will remain ready. to intervene,” said the minister, quoted by the Saudi Press Agency (SPA).
He also denied reports that the kingdom was in talks with other producers in the Organization of the Petroleum Exporting Countries (OPEC) to increase production by 500,000 barrels per day, according to the SPA.
The 13 OPEC members and their ten non-member allies, collectively known as OPEC+, do not discuss any measures before their official meeting, the minister noted.
The next OPEC+ meeting is scheduled for December 4.
On September 5, OPEC+ agreed to cut oil production by 100,000 barrels per day, reversing the increase approved a month earlier. This decision proved the group’s determination to defend prices around 100 US dollars per barrel.
In September, the Saudi minister said the production cut was aimed at maintaining market stability.
