Saudi energy minister denies output increase discussion

Shafaq News/ On Monday, Saudi Arabian energy minister Prince Abdulaziz bin Salman said Riyadh is not discussing a potential oil output increase with other OPEC oil producers.

SPA Agency said the Minister denied the Wall Street Journal report saying, "It is well-known that OPEC+ does not discuss any decisions ahead of the meeting."

"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 Sadu Agency quoted the Prince as saying.

The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. The report cited unidentified OPEC delegates.