OPEC producers UAE and Saudi Arabia have denied a media report that suggested OPEC+ members are planning on increasing crude production by 500,000 barrels per day ahead of their next meeting on December 4.
Saudi Press Agency said on Monday said that Saudi Energy Minister Prince Abdulaziz bin Salman “categorically denies” the report.
“It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings,” SPA quoted Prince Abdulaziz as saying.
“The current cut of two 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.
The UAE Energy and Infrastructure Minister Suhail bin Mohammed Faraj Faris Al Mazrouei also denied the report, stressing that the UAE is not engaging in any discussion with other OPEC+ members to change their latest agreement and said that the agreed deal is valid until the end of 2023.
“We remain committed to OPEC+ aim to balance the oil market and will support any decision to achieve that goal,” Al Mazrouei said in a Twitter post.