WTI crude futures rose more than 1% to $81 following Saudi Arabia rejected a Wall Street Journal report that the Saudis and members of the Organization of the Petroleum Exporting Countries (OPEC) were not discussing a boost. production
At 7:57 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in January. Which traded on the NYMEX plus $ 1.17, or 1.46%, to $ 81.21 / barrel.
Saudi Arabia’s SPA news agency reported that Saudi Arabian Energy Minister Prince Abdulaziz bin Salman Saudi Arabia rejected the Wall Street Journal report, insisting that Saudi Arabia and OPEC members had not discussed an increase in production.
“It is known that OPEC Plus will not discuss any decision before the meeting. And the current oil production cut of 2 million barrels per day will continue until the end of 2023 and, if necessary, further cuts in production to balance supply and demand. We are ready to intervene at all times,” Prince bin Salman said.
The United Arab Emirates and Kuwait have both denied Wall Street reports. journal as well
Previously, the Wall Street newspaper Citing sources from OPEC ministers, the Journal reported that Saudi Arabia and OPEC members were discussing an increase in oil output.
The report states that OPEC is discussing a 500,000 bpd increase in oil production at the OPEC Plus production policy meeting on Dec. 4.
The Wall Street Journal reported that OPEC discusses the said increase in production. After US President Joe Biden told a US judge that Prince Muhammad bin Salman, Crown Prince of Saudi Arabia Should be privileged from prosecution in the United States for their involvement in the killing of Saudi journalist Jamal Khashoggi.
The report states that President Biden’s relaxed attitude has pleased Prince bin Salman and will strengthen his status as Saudi Arabia’s de facto leader. After the lawsuit jeopardized relations between the United States and Saudi Arabia.
Previously, OPEC Plus had created dissatisfaction with the United States. After announcing an oil production cut of 2 million barrels per day at a meeting on October 5, which is the largest cut in OPEC Plus since 2020 and is a continuous cut in production 2nd month, although President Biden want to increase production capacity Because of concerns that rising oil prices will hurt the US government’s popularity rating.
Investors will be keeping an eye on the American Petroleum Institute (API) US crude stocks release today, while the US Energy Information Administration (EIA) will release tomorrow. Analysts expect U.S. crude inventories to fall by 2.2 million barrels last week.
