Major OPEC members deny reports of production hike – RT Business News
Kuwait, Saudi Arabia and the United Arab Emirates say the alliance aims for stability in the oil market
Kuwait’s oil minister on Tuesday denied reports that there were talks to boost oil production at the upcoming OPEC+ meeting.
According to the KUNA news agency, Bader Al Mulla said that Kuwait was keen to maintain stability and balance in the oil market.
The response comes after Saudi Arabia and the United Arab Emirates also denied a Wall Street Journal report saying a 500,000 barrel-per-day production boost was being discussed for the upcoming OPEC+ meeting. December 4. The report, which quotes unnamed OPEC delegates, pointed out that the move would come a day before the European Union is set to impose an embargo on Russian oil and the price cap planned by the Group of Seven (G7) countries on sales of Russian crude.
“It is well known that OPEC+ does not discuss any decision before the meeting,” Saudi Energy Minister Prince Abdulaziz bin Salman was quoted by the official SPA news agency.
Riyadh has confirmed that OPEC+, which includes Russia, is sticking to oil production cuts and may cut production further.
Last month, OPEC+ unexpectedly decided to cut production targets by two million barrels per day in a bid to stabilize falling prices.
Crude oil prices fell 5% after the Wall Street Journal report, then pared those losses after the Saudi response. On Tuesday, Brent was trading up 1.4% above $88 a barrel, while the U.S. benchmark WTI was also above $81 a barrel.
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