Riyadh denies talks at Opec+ to increase production

Saudi Arabia denied reports of talks among oil-producing countries to increase production.

Share:

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

Saudi Arabia denied reports in the Wall Street Journal that oil-producing countries are discussing raising production at their next meeting.

The world’s largest exporter of crude oil, the Saudi kingdom added that a production cut agreed in October by Opec+ should remain in force until the end of 2023.

On Monday, the U.S. Wall Street Journal reported that Saudi Arabia, which co-runs OPEC+ with Russia, and other members of the cartel were considering an “increase of up to 500,000 barrels per day.”

But Saudi Energy Minister Abdel Aziz bin Salmane “categorically denied” this information, according to the official Saudi news agency Spa.

“It is well known, and no secret, that OPEC+ does not discuss any decisions before its meetings,” Prince Abdel Aziz said.

The next meeting of OPEC+, the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia and their 10 partners led by Russia, is scheduled for December 4.

In early October, Opec+ decided to slash its production quotas in order to support falling crude prices.

This decision provoked the ire of the United States and cooled relations between the Saudi and American partners.

Saudi officials have vigorously defended the October production cut, saying it was driven solely by market conditions and could change as the market needs.

Prince Abdel Aziz reiterated this position on Monday. “The current OPEC+ cut of 2 million barrels per day remains in place until the end of 2023. And if there is a need to take action such as reducing production to balance supply and demand, we are always ready to step in.”

Oil prices fell Monday to their lowest since the beginning of the year, weighed down by the prospect of sluggish demand, especially after a Covid-19-related death in China, the world’s largest importer of crude, dashed hopes of easing curbs.

Ayatollah Ali Khamenei calls for modernising the oil industry and expanding export markets as Tehran faces the possible reactivation of 2015 nuclear deal sanctions.
The Ukrainian president demanded that Slovakia end its imports of Russian crude, offering an alternative supply solution amid ongoing war and growing diplomatic tensions over the Druzhba pipeline.
The United States cuts tariffs on Japanese imports to 15%, while Tokyo launches a massive investment plan targeting American energy, industry, and agriculture.
Brazil’s Cop 30 presidency aims to leverage the Dubai commitments to mobilise public and private actors despite ongoing deadlock in international negotiations.
Brasília has officially begun the process of joining the International Energy Agency, strengthening its strategic position on the global energy stage after years of close cooperation with the Paris-based organisation.
During a meeting in Beijing, Vladimir Putin called on Slovakia to suspend its energy deliveries to Ukraine, citing Ukrainian strikes on Russian energy infrastructure as justification.
Vladimir Putin and Robert Fico met in China to address the war in Ukraine, regional security and energy relations between Russia and Slovakia.
Slovak Prime Minister Robert Fico plans to meet Vladimir Putin in Beijing before receiving Volodymyr Zelensky in Bratislava, marking a diplomatic shift in his relations with Moscow and Kyiv.
The three European powers activate the UN sanctions mechanism against Iran, increasing pressure on the country's oil exports as Tehran maintains high production despite Western measures.
Iran once again authorises the International Atomic Energy Agency to inspect its nuclear sites, following a suspension triggered by a dispute over responsibility for Israeli strikes.
First suspect linked to the Nord Stream pipeline explosions, a Ukrainian citizen challenged by Berlin opposes his judicial transfer from Italy.
Ukrainian drones targeted a nuclear power plant and a Russian oil terminal, increasing pressure on diplomatic talks as Moscow and Kyiv accuse each other of blocking any prospect of negotiation.
A Ukrainian national suspected of coordinating the Nord Stream pipeline sabotage has been apprehended in Italy, reigniting a judicial case with significant geopolitical implications across Europe.
Russia continues hydrocarbon deliveries to India and explores new outlets for liquefied natural gas, amid escalating trade tensions with the United States.
Azerbaijani energy infrastructure targeted in Ukraine raises concerns over the security of gas flows between Baku and Kyiv, just as a new supply agreement has been signed.
The suspension of 1,400 MW of electricity supplied by Iran to Iraq puts pressure on the Iraqi grid, while Tehran records a record 77 GW demand and must balance domestic consumption with regional obligations.
Beijing opposes the possible return of European trio sanctions against Iran, as the nuclear deal deadline approaches and diplomatic tensions rise around Tehran.
The United States plans to collaborate with Pakistan on critical minerals and hydrocarbons, exploring joint ventures and projects in strategic areas such as Balochistan.
Around 80 Russian technical standards for oil and gas have been internationally validated, notably by the United Arab Emirates, Algeria and Oman, according to the Institute of Oil and Gas Technological Initiatives.
Baghdad and Damascus intensify discussions to reactivate the 850 km pipeline closed since 2003, offering a Mediterranean alternative amid regional tensions and export blockages.

Log in to read this article

You'll also have access to a selection of our best content.