WTI crude futures rose more than 1% to $81 after Saudi Arabia rejected a Wall Street Journal report that the Saudis and members of the Organization of the Petroleum Exporting Countries (OPEC) were not discussing a production boost
At 7:57 pm Thai time, the West Texas Crude Oil Contract (WTI) is due for delivery in January. Which trades on the NYMEX plus $ 1.17, or 1.46%, to $ 81.21 / barrel.
Saudi Arabia’s SPA news agency reported that Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Saudi Arabia rejected the Wall Street Journal report, insisting that Saudi Arabia and OPEC members had not discussed an increase in production.
“It is known that OPEC Plus will not discuss any decision before the meeting. And the current oil production cut of 2 million barrels per day will continue until the end of 2023 and, if necessary, further cuts in production to balance supply and call. We are always ready to intervene,” Prince bin Salman said.
The United Arab Emirates and Kuwait have both denied the Wall Street reports. magazine too
Previously, the Wall Street newspaper Citing sources from OPEC ministers, the Journal reported that members of Saudi Arabia and OPEC are discussing an increase in oil output.
The report says that OPEC is discussing a 500,000 bpd increase in oil production at the OPEC Plus production policy meeting on December 4.
The Wall Street Journal reported that OPEC is discussing the said increase in production. After US President Joe Biden told a US judge that Prince Muhammad bin Salman, Crown Prince of Saudi Arabia should have the privilege of being prosecuted in the US for their role in the killing of Saudi journalist Jamal Khashoggi .
The report says that President Biden’s relaxed attitude has pleased Prince bin Salman and will strengthen his status as the de facto leader of Saudi Arabia. After the lawsuit jeopardized the relationship between the United States and Saudi Arabia.
Previously, OPEC Plus had created discontent with the United States. After announcing a cut in oil production of 2 million barrels per day at the meeting on October 5, which is the largest cut in OPEC Plus since 2020 and is a continuous cut in production for the 2nd month, although President Biden wants to increase production capacity Because concerns that rising oil prices will hurt the US government’s popular rating.
Investors will be keeping an eye on the American Petroleum Institute (API) US crude stocks release today, while the US Energy Information Administration (EIA) release tomorrow. Analysts expect US crude inventories to fall by 2.2 million barrels last week.