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Saudi denies oil output hike discussion, says OPEC+ may cut if needed

Commodities Nov 21, 2022 01:11PM ET
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(Reuters) -Saudi Arabia on Monday said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output, according to state news agency SPA.

The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. The report cited unidentified OPEC delegates.

"It is well-known that OPEC+ does not discuss any decisions ahead of the meeting," Saudi Arabian Energy Minister Prince Abdulaziz bin Salman was quoted by state news agency SPA as saying, referring to the group's next meeting in December.

Oil prices, which had slid more than 5% to below $83 a barrel after the Wall Street Journal report, pared losses following the minister's comments. Brent crude was down 1% at $86.70.

Last month, OPEC+ unexpectedly decided to reduce output targets sharply. It would be unusual for the group to increase production at a time of declining prices and growing concern about the economic outlook.

Prince Abdulaziz was also quoted as saying OPEC+ was ready to reduce output further if needed.

"The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is need to take further measures by reducing production to balance supply and demand we always remain ready to intervene," he said.

The WSJ said talk of a production increase has emerged after U.S. President Joe Biden's administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a U.S. federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi.

The immunity decision amounted to a concession to Prince Mohammed, bolstering his standing as the kingdom's de facto ruler after the Biden administration tried for months to isolate him, the newspaper said.

Physical crude markets have weakened in recent days, reflecting softer demand from China and Europe.

Saudi denies oil output hike discussion, says OPEC+ may cut if needed
 

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Comments (3)
Shah Shawon
NinjaShah Nov 21, 2022 10:47AM ET
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lol.. sounds like they are trying hard to drop the price by news for upcoming rocket jump price.. is it very soon we r going to see that jump ??!!
Shiinu Jain
Shiinu Jain Nov 21, 2022 10:47AM ET
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Will crude hit 7000 by December expiry? what are your thoughts?
First Last
First Last Nov 21, 2022 10:47AM ET
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Shiinu Jain   $7000?  You expecting Russia to start nuking its oil fields?
Shah Shawon
NinjaShah Nov 21, 2022 10:47AM ET
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i think he forgot to give " . " i mean 70.00 .. it could but i will say it's all about the news.. as i am living in Germany and working in one of the biggest food industry, why then we still have shortage of oil when the news is showing that the oil in europe is over supplied??.. where covid is ongoing in China why then OPEC will think of production increase??.. did they forget what happened 2 years back??.. i would love to see low oil price.. let's see where it goes.. back to 140 or never ever to 100 again.. my answer is till the war end or any another pandemic, we r not seeing 70 minus oil market.. what we r seeing now is just bcz of news and old biden's hard try..
Joginder Singh
Joginder Singh Nov 21, 2022 10:28AM ET
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tomorrow 80
Shiinu Jain
Shiinu Jain Nov 21, 2022 10:28AM ET
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Hey what would be the target for December?
Chris Gonzales
Chris Gonzales Nov 21, 2022 10:28AM ET
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today 80
Gyuri Molnár
Gyuri Molnár Nov 21, 2022 9:35AM ET
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WTI to 50
Shiinu Jain
Shiinu Jain Nov 21, 2022 9:35AM ET
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what does that mean?
 
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