Ministers in “OPEC +” confirm the continuation of the agreement to cut production until the end of 2023

HipHop24  - HipHop24
2 Min Read

The energy ministers of Saudi Arabia and the UAE denied the occurrence of any discussions regarding an increase in oil production by the “OPEC +” alliance, while stressing the continuation of the agreement until the end of 2023.

The Wall Street Journal reported, on Monday, that the “OPEC +” meeting on December 4 will discuss increasing production by up to 500,000 barrels per day.

Saudi Energy Minister Prince Abdulaziz bin Salman said in a statement that he categorically denies recent reports that the kingdom is discussing with other “OPEC +” producers an increase in production by 500,000 barrels per day.

The minister added, “OPEC + does not discuss any decisions before its meetings… bearing in mind that the current cut of two million barrels per day by OPEC + will continue until the end of 2023.”

- Advertisement -

And bin Salman stressed that “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.”

For his part, UAE Energy Minister Suhail Al Mazrouei said, on Tuesday, that his country is committed to the “OPEC +” goal to support balance in the market and we will support any decision to achieve this goal.

Al-Mazrouei denied, in a tweet on his official page on “Twitter”, any discussions with “OPEC +” members regarding the decision to cut production, which is valid until 2023.

On October 5, the “OPEC +” coalition, led by Saudi Arabia, announced a reduction in production by two million barrels per day, starting in November 2022, but the decision faced anger from Western countries, led by the United States.

The frequency of the monthly meetings of the OPEC + alliance was modified to become every two months for the Joint Ministerial Monitoring Committee, while cooperation within the alliance was extended until the end of 2023 instead of the end of this year.

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form id=”847″]

Share this Article
Posted by HipHop24 HipHop24
News journalist about music around the world, including pop, hip-hop and rap
Leave a comment