Kuwait, Saudi Arabia deny supporting OPEC oil production increase

Kuwait, Saudi Arabia deny supporting OPEC oil production increase

Oil prices dropped after news broke of a potential production increase but have since rebounded.













Representatives of OPEC member countries attend a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on Oct. 5, 2022. - VLADIMIR SIMICEK/AFP via Getty Images























November 22, 2022









Kuwait and Saudi Arabia have denied supporting an oil production increase among the Organization of the Petroleum Exporting Countries (OPEC).

What happened: The Wall Street Journal reported yesterday that OPEC, Russia and other oil producers — known collectively as OPEC+ — are considering endorsing an oil production increase of 500,000 barrels per day. Saudi Arabia is the biggest producer in OPEC and many other Middle Eastern states are members, including Kuwait. The idea is being discussed ahead of the upcoming OPEC+ meeting on Dec. 4, according to the report. 

However, Saudi Energy Minister Prince Abdulaziz bin Salman quickly denied the news, saying, “It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings.” 

Today, Kuwait Oil