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Kuwait, the UAE and Saudi Deny OPEC Increase Claim by WSJ

OIL

Kuwait ‘s oil minister Badar Al Mulla has publicly denied reports that there have been discussions to increase oil production at the next OPEC+ meeting December 4.

  • Kuwait is keen to maintain stability and balance in oil markets, KUNA news agency quoted Mulla as saying.
  • It follows a WSJ report yesterday afternoon that OPEC+ was in discussions to increase oil production by 500,000 bpd, sharply sending crude markets 5% lower before recovering on energy minister comments.
  • Saudi Arabian Energy Minister Prince Abdulaziz denied the reports shortly after, before stating "The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is need to take further measures by reducing production to balance supply and demand we always remain ready to intervene," he added.
  • UAE energy minister Suhail Mohamed Al Mazrouei also denied the reports via twitter. "We remain committed to OPEC+ aim to balance the oil market and will support any decision to achieve that goal," he said.
Energy BulletsCommodities
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