Arab News

RIYADH: Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has denied recent reports stating that the Kingdom is currently discussing an increase in production by 500,000 barrels per day with other OPEC+ producers.

The minister added that it is no secret that OPEC + does not discuss any decisions before its meetings, Saudi Press Agency reported.

Prince Abdulaziz said the cartel’s decision to cut production by 2 million barrels a day will stand till the end of 2023.

He said: “If there is a need to take further measures to reduce production to restore balance between supply and demand, we are always ready to intervene.”

Meanwhile, the UAE’s Minister of Energy and Infrastructure Suhail Mohamed Al-Mazrouei denied that his country is “engaging in any discussion with other OPEC+ members to change the last agreement which is valid until the end of 2023.”

“We remain committed to the OPEC+ aim to balance the oil market and will support any decision to achieve that goal,” he said.