Saudi Energy Minister denies reports of increasing daily oil production

Saudi Energy Minister, Prince Abdulaziz bin Salman, categorically denies recent reports that Saudi Arabia is discussing with other OPEC producers an output increase of 500 thousand barrels per day.

“It is well known, and no secret that OPEC+ does not discuss any decisions ahead of its meetings,” Prince Abdulaziz bin Salman was quoted as saying on Saudi Press agency.

“The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene.” The Saudi Energy Minister added.