Saudi Energy Minister: No discussion with OPEC+ to increase production

Saudi Energy Minister, HRH Prince Abdulaziz bin Salman categorically denied recent reports that Saudi Arabia is currently discussing with other OPEC+ producers any increase in production by 500,000 barrels per day.

“It is well known, and it is no secret to anyone, that (OPEC +) does not discuss any decisions before its meetings,” Prince Abdulaziz said in a statement carried by the Saudi Press Agency. He also stated that OPEC’s current cut of two million barrels per day will be maintained until the end of 2023.

“If there is a need to take additional measures to reduce production to restore the balance between supply and demand, we are always ready to intervene,” Prince Abdulaziz said in the statement.