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Saudi Energy min. categorically denies reports of OPEC discussing increasing output

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Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman categorically denied reports that the Kingdom is discussing with other OPEC producers an output increase of 500,000 barrels per day, state news agency SPA reported on Monday.

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

Earlier on Monday, the Wall Street Journal reported that OPEC+ is considering an output increase of 500,000 barrels ahead of the EU’s embargo of Russian oil.

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