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, according to state news agency SPA.
The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. The report cited unidentified OPEC delegates.
Oil prices, which had slid more than 5% to below $83 a barrel after the Wall Street Journal report , pared losses following the minister's comments. Brent crude was down 1% at $86.70. The WSJ said talk of a production increase has emerged after U.S. President Joe Biden's administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a U.S. federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi.
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