Oil compensates for most of its early losses after Saudi Arabia denied a report on “OPEC +”

After Saudi Arabia denied a report that it was discussing increasing the supply of oil with OPEC and its allies, oil prices are recouping most of their losses.

  • Oil compensates most of its early losses after Saudi Arabia denied a report on OPEC +
    Oil compensates most of its early losses after Saudi Arabia denied a report on OPEC +

Oil prices recovered most of their early losses on Monday, after Saudi Arabia denied a report that it was discussing increasing oil supply with OPEC and its allies.

Brent crude futures for January settled at $87.45 a barrel, down 17 cents. US West Texas Intermediate crude futures for December settled at $79.73 a barrel, down 35 cents before the contract expires later on Monday.

The January contract, the most active, fell seven cents to $80.04 a barrel.

Both benchmarks fell by more than $5 a barrel early today, hitting a ten-month low, after the Wall Street Journal reported that an increase of up to 500,000 barrels per day would be discussed at the OPEC+ meeting on Dec. 4.

Oil compensated most of its losses later after the official Saudi Press Agency reported that Saudi Energy Minister Prince Abdulaziz bin Salman said that the kingdom is committed to production cuts and is not discussing a possible increase in oil production with other oil producers in OPEC, denying the newspaper’s report.

And the American newspaper “The Wall Street Journal” reported, earlier on Monday, about delegates in the Organization of the Petroleum Exporting Countries (OPEC), as saying that “Saudi Arabia and other oil producers are studying an increase in production of 500,000 barrels per day to present it to the OPEC + meeting, on the 4th of April.” next December.”

According to the newspaper, “talk about increasing production emerged after the Biden administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should enjoy sovereign immunity from a US federal lawsuit related to the brutal murder of Saudi journalist Jamal Khashoggi.”

And at the beginning of last month, the “OPEC +” group decided to reduce oil production by two million barrels per day, and the decision entered into force as of November, and it was decided to extend the production cut deal until the end of 2023.

The article is in Arabic

Tags: Oil compensates early losses Saudi Arabia denied report OPEC

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