Saudi Arabia will not increase oil production, Energy Minister Abdul Aziz put an end to speculation

Riyadh. Saudi Arabia has denied that it is considering increasing oil production. A Saudi Press Agency report quoted the country’s Energy Minister Abdul Aziz bin Salman as denying media reports that Saudi Arabia is exploring possibilities of increasing oil production.

Quoting Salman, the report said that the Organization of the Petroleum Exporting Countries (OPEC) had decided to cut two million barrels per day by the end of 2023, which is still going on. If there is a need to reduce production to bring balance between demand and supply, we will be ready for it. Mr. Salman denied media reports that Saudi Arabia’s royal government is in talks with other OPEC member oil-producing countries to increase oil production by half a million barrels per day.

He said oil producing countries have not discussed any such decision before the OPEC meeting. OPEC has 13 member countries and ten other oil producing countries affiliated with it. OPEC’s next meeting is likely to be held on December 4. On September 5, these oil-producing countries had agreed to reduce oil production by one lakh barrels per day. This decision of the oil producing countries was actually taken with the intention of maintaining the price of oil in the international market at the level of around hundred dollars per barrel.