Saudi Arabia says OPEC+ will stick to production cuts despite reports – National
Saudi Arabia said on Monday that OPEC+ is sticking to cutting output and may take further steps to balance the market amid falling prices, and is considering increasing production, state news agency SPA said. denied the report.
The Wall Street Journal reported early Monday that a 500,000-bpd increase was being discussed at the next meeting of OPEC and its allies, known as OPEC Plus, on Dec. 4. rice field.
“It is well known that OPEC+ does not discuss any decisions prior to the meeting,” state news agency SPA said.
Crude oil prices, which fell more than 5% to below $83 a barrel after the Wall Street Journal report, eased the fall after the minister’s comments. Brent crude fell 1% at $86.70.
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Last month, OPEC+ unexpectedly decided to significantly lower its production targets. It would be unusual for the group to ramp up production at a time when prices are falling and concerns over the economic outlook are mounting.
Prince Abdulaziz was also quoted as saying that OPEC+ is ready to cut production further if necessary.
“The current OPEC+ cut of 2 million barrels per day will continue until the end of 2023, and we are ready to intervene if further steps need to be taken by reducing production to balance supply and demand. It’s done,’ he said.
The WSJ says the U.S. Joe Biden administration should ask a federal judge to grant Saudi Crown Prince Mohammed bin Salman immunity from U.S. federal lawsuits related to the murder of Saudi journalist Jamal Khashoggi. After saying that, it is said that talk of increasing production came up.
The impunity decision amounted to a concession to Prince Mohammed after months of attempts by the Biden administration to isolate him, and strengthened his status as the kingdom’s de facto ruler, the paper said. .
The physical crude oil market has weakened recently, reflecting softening demand from China and Europe.
(Reporting by Anne Maria Shiv of Bengaluru; Editing by Maha El Dahan and Alex Lawler, David Goodman, Mike Harrison and Deepa Babington)
Saudi Arabia says OPEC+ will stick to production cuts despite reports – National
Source link Saudi Arabia says OPEC+ will stick to production cuts despite reports – National
