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Saudi Energy Minister Denies Output Increase Discussion 

Saudi Energy Minister Denies Output Increase Discussion 

Monday, 21 November, 2022 - 17:30
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman. (SPA)

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 to 500,000 barrels per day, according to state news agency SPA. 


"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. 


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. 


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