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Saudi Arabia No Plans To Increase Crude Supply

OPEC

Saudi Arabia’s Energy Minster Prince Abdulaziz bin Salman has said the kingdom does not plan to increase crude production to cover the production shortfall of other OPEC+ members.

  • OPEC+ has a stated ambition to restore production to pre-pandemic levels by late 2022 through a series of monthly 400,000 b/d production hikes, but the group of oil producing nations has consistently failed to meet this target.
  • Brent has risen to a seven year high of USD$87 a barrel, with some predicting that Brent could exceed USD$100 a barrel in 2022.
  • The US has urged OPEC to increase supply to ease spiraling energy prices but Saudi Arabia has said they are not concerned with current levels of production. The price of oil is also under a geopolitical squeeze from the threat of sanctions on Russia and a lack of progress in Vienna on Nuclear talks with Iran.
  • OPEC+ leaders will meet next on February 2 to discuss production targets.
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