Saudi Arabia Denies Reports of OPEC+ Plans to Increase Oil Production

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has refuted reports from The Wall Street Journal suggesting that OPEC+ countries are discussing increasing oil production by 500,000 barrels per day. This was reported by TASS, citing the Saudi press agency.

"It is a well-known fact that OPEC+ does not discuss any decisions prior to its meetings," the minister clarified.

He noted that the decision made by the organization to reduce oil production by 2 million barrels per day will last until the end of next year, and if necessary, OPEC+ is 'always ready' to take further measures to decrease production and balance supply and demand.

Earlier, The Wall Street Journal reported that Saudi Arabia and other oil-producing countries in OPEC+ were discussing the possibility of increasing production by 500,000 barrels per day.