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22 Nov, 2022 12:40

Key OPEC members deny output hike reports

Kuwait, Saudi Arabia and the United Arab Emirates say the alliance aims for stability on the oil market
Key OPEC members deny output hike reports

The Kuwaiti oil minister on Tuesday denied reports that there have been discussions to increase oil production at the next OPEC+ meeting.

The KUNA news agency cited Bader Al Mulla as saying Kuwait is keen to maintain stability and balance on the oil market.

The response comes after Saudi Arabia and United Arab Emirates also denied a Wall Street Journal report claiming an output increase of 500,000 barrels per day was under discussion for the next OPEC+ meeting on December 4. The report, which cited unidentified 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 Group of Seven (G7) nations’ planned price cap on Russian crude sales.

“It is well-known that OPEC+ does not discuss any decisions ahead of the meeting,” Saudi Energy Minister Prince Abdulaziz bin Salman was quoted as saying by state news agency SPA.

Riyadh confirmed that OPEC+, which includes Russia, was sticking with oil output cuts and could slash output further.

Last month, OPEC+ unexpectedly decided to cut production targets by two million barrels a day in an effort to stabilize falling prices.

Crude oil prices dropped 5% after the Wall Street Journal report, and then pared those losses after the Saudi response. On Tuesday, Brent crude was trading up 1.4% at over $88 a barrel, while US benchmark WTI was also above $81 per barrel.

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