Saudi Arabia denies plans to increase oil production

Thus, he commented on reports of an allegedly planned increase in oil production by 500,000 barrels per day.

“The current OPEC+ cut of 2 million barrels per day continues until the end of 2023, and if there is a need to take further measures to reduce production in order to balance supply and demand, we are always ready to intervene”, - Saudi Press Agensy quoted the prince as saying.

On November 21, The Wall Street Journal published an article, the author of which referred to sources who spoke about a possible decision to reduce oil production at a meeting of the heads of OPEC +, which will be held on December 4. Recall that the next day - December 5 - EU sanctions are to come into force, setting a ceiling on prices for Russian oil.

Earlier, Russia, Saudi Arabia, as well as other OPEC+ countries, decided to cut oil production by 2 million barrels per day from December 5. Analysts note that this decision is the sharpest since start of the coronavirus pandemic. The states also agreed to extend until 2023 the OPEC + deal, which agrees on the level of production of raw materials. The largest exporters - Russia and Saudi Arabia - insisted on the reduction. The United States, in turn, asked Riyadh not to cut oil production.

The day before, Deputy Prime Minister Alexander Novak said that Moscow would reduce oil production and stop fuel supplies to countries that would support the price ceiling mechanism. Deliveries will be redirected to partners who will continue to adhere to the market principle.