Saudi Energy Minister Abdulaziz bin Salman Al Saud rejected a recent report that his country was discussing increasing oil output by half a million barrels per day with other OPEC+ producers next month.
"It is well known that OPEC+ does not discuss any decisions ahead of its meetings. The current cut of 2 million barrels per day continues until the end of 2023. If there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene," the minister was cited as saying by the Saudi Press Agency.
The prices of oil futures reduced losses following the minister's statement, rebounding to levels last seen in late September. WTI futures for settlements in January lost 2.12% to sell for $78.59 at 6:10 pm CET, while Brent contracts for deliveries in the same month fell by 2.32% to $85.84.
