Saudi Energy Minister Abdulaziz bin Salman has categorically denied recent reports that the kingdom is discussing with other OPEC+ producers an increase in production by 500,000 barrels per day.
He added, “It is known, and it is no secret to anyone, that OPEC Plus does not discuss any decisions before its meetings, noting that the current cut of two million barrels per day by OPEC Plus will continue until the end of 2023, and if the need arises to take further measures.” By reducing production to rebalance supply and demand, we are always ready to intervene.”
The Wall Street Journal, on Monday, had quoted delegates in the Organization of the Petroleum Exporting Countries (OPEC) as saying that Saudi Arabia and other oil producers are considering increasing production.
The newspaper added that the group is studying an increase of 500,000 barrels per day to present it to the “OPEC Plus” meeting on the fourth of next December.
This date comes one day before the European Union’s decision to impose an embargo on Russian oil comes into force, and amid plans by the Group of Seven countries to impose a maximum price limit on Russian crude, which could lead to its removal from the market.
The newspaper considered that this step may help heal the rift with the administration of US President Joe Biden, and secure energy flows, amid new attempts to weaken the Russian oil industry due to the invasion of Ukraine.
The new decision, if passed, comes in the wake of the decision of “OPEC Plus”, which includes Russia, last month to reduce production by two million barrels per day, which angered Washington, which considered it undermining efforts to resist the Russian invasion of Ukraine, and considered at the time a political blow to the administration of President Joe. Biden before the midterm congressional elections.
It also follows a recommendation made by the Biden administration that Saudi Crown Prince Mohammed bin Salman obtain immunity from a US lawsuit accusing him of being involved in the murder of the Saudi journalist, Jamal Khashoggi.