All news

Saudi Arabia denies reports on oil production growth discussions

"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," Energy Minister of Saudi Arabia Prince Abdulaziz bin Salman stressed

MOSCOW, November 21. /TASS/. Energy Minister of Saudi Arabia Prince Abdulaziz bin Salman strongly denies reports that the Kingdom is discussing an output increase by 500,000 barrels per day with other OPEC+ producers, the Saudi Press Agency said 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," the Minister said, cited by the Agency.