Saudi officials on Monday denied reports that the kingdom is backtracking on plans to cut oil production after The Wall Street Journal reported Riyadh suggested an increase.
"It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings," Energy Minister Prince Abdulaziz bin Salman said Monday through state news agency SPA. "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 WSJ reported Monday that Saudi Arabia and other OPEC member nations are considering increasing oil production by up to 500,000 barrels a day ahead of its Dec. 4 meeting.
In October, OPEC+ announced a 2 million-barrel cut, causing the West to fear gas price spikes.
Democrat congressional members called for changes to the U.S.-Saudi relationship, saying the West has worked with the kingdom amidst the human rights abuses, the murder of journalist Jamal Khashoggi and possible Saudi roles in the 9/11 terrorist attacks.
Days ago, the U.S. said in court that the Crown Prince should receive sovereign immunity in a lawsuit over Khashoggi's killing, showing the Biden administration has no actual plans to reassess their relationship.
The OPEC+ will meet before the Group of Seven nations introduces a plan to cap the price of Russian oil in response to the invasion of Ukraine. Russia, an OPEC+ nation, said it would not sell to any country participating in the price cap.
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