Is OPEC+ Mulling an Oil Production Increase? Saudi Says Previous Cut Will Stay in Place Till End of 2023
11.24.2022 By TankTerminals.com - NEWS

November 24, 2022 [WION] – Saudi Arabia has refuted a report that oil producers were considering raising output after an oil production cut last month.

 

According to a Wall Street Journal report from Monday, Saudi Arabia, which co-chairs OPEC+ with Russia and other countries, was mulling an “increase of up to 500,000 barrels” per day. The Kingdom however said that the cut would stay in place till the end of 2023.

The official Saudi Press Agency on Monday quoted the nation’s energy minister Prince Abdulaziz bin Salman who said that the nation “categorically denies” the report.

“It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings,” he said.

The next meeting as per AFP is scheduled for December 4th.

“The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene,” he added.

In October OPEC+ announced a production cut of two million barrels per day, a move that had heightened tensions between Riyadh and Washington.

According to reports, the US condemned the reduction in oil production as being tantamount to “aligning with Russia” in the conflict in Ukraine; congressmen even pressured President Joe Biden to retaliate by taking action against the kingdom.

Saudi officials have vehemently defended the recent production cut in the face of criticism from Washington, claiming that it was solely motivated by market conditions and might change as the market changed.

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