Saudi Arabia denies discussion on oil output increase

Saudi Arabian Energy Minister Abdulaziz bin Salman on Monday denied media reports that his country is mulling an oil output increase.

“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,” the minister was quoted by the Saudi Press Agency (SPA) as saying.

He refuted the reports that the kingdom is discussing with other producers under the Organization of Petroleum Exporting Countries (OPEC) about ramping up the output by 500,000 barrels per day, said the SPA report.

The 13-member OPEC and its 10 non-member allies, collectively known as OPEC+, have not discussed any decisions ahead of its meetings, the minister noted.

The next OPEC+ meeting is expected to be held on Dec. 4.

On Sept. 5, OPEC+ agreed to modestly cut oil production by 100,000 barrels per day, rolling back the increase they approved a month ago, and showing the group’s determination to defend a price level of about 100 U.S. dollars per barrel.

In September, the Saudi minister said the reason behind the production cut was to maintain market stability.

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