Dubai, United Arab Emirates (CNN) – The UAE and Kuwait denied reports that there were discussions between members of the “OPEC Plus” alliance to increase oil production, after Saudi Arabia denied these reports as well.
“The UAE denies its participation in any discussions with other members of OPEC Plus to change the recent agreement, which extends to the end of 2023,” said UAE Energy Minister Suhail Al Mazrouei, through his Twitter account, adding: “We remain committed to the goal of OPEC Plus to achieve balance in the oil market.” We will support any decision to achieve that goal.”
Kuwaiti Oil Minister Dr. Badr Al-Mulla denied, on Tuesday, in a statement to Kuwait News Agency what was reported about the existence of discussions related to the intention of the “OPEC Plus” alliance, to increase oil production, during its next meeting, stressing Kuwait’s keenness to maintain the stability of the balance in the oil markets.
And the Saudi Energy Minister, Prince Abdulaziz bin Salman, had categorically denied recent reports, according to which there were discussions to increase OPEC Plus production by 500 thousand barrels per day.
Prince Abdulaziz said, “It is known, and it is no secret to anyone, that OPEC Plus does not discuss any decisions before its meetings… bearing in mind that the current cut of two million barrels per day by OPEC Plus will continue until the end of 2023.”
And the Saudi Energy Minister added, “If there is a need to take further measures to reduce production to restore balance between supply and demand, we are always ready to intervene.”
Earlier, the American Wall Street Journal reported that the OPEC Plus meeting, scheduled for December 4, will discuss increasing production by about 500,000 barrels per day.
The newspaper quoted sources as saying that the “OPEC Plus” alliance will discuss increasing production, in a step that may help heal the rift in relations between Saudi Arabia and the administration of US President Joe Biden, and maintain the flow of energy amid new attempts to undermine the Russian oil industry due to the war in Ukraine.
And the “Wall Street Journal” said that the talk about increasing oil production appeared after the Biden administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should enjoy sovereign immunity from a US federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi.
This came as the European Union prepared to impose an embargo on Russian oil, and the Group of Seven industrialized countries plans to impose a cap on the sales price of Russian crude, which could lead to the removal of Russian oil supplies from the international market.