OPEC delegates say Saudi Arabia and other OPEC producers are discussing raising output, a move that could help heal the group’s rift with the Joe Biden administration and come amid renewed international attempts to crack down on Russia over the Ukraine war The oil industry comes amid maintaining energy supplies.
Delegates said discussions were underway to boost production by up to 500,000 bpd at the Dec. 4 OPEC+ meeting. The European Union will impose an embargo on Russian oil on December 5, while the Group of Seven (G7) plans to impose a price cap on Russian crude oil sales, which may lead to less Russian oil supply on the market.
After The Wall Street Journal and other news outlets reported on Monday that OPEC was discussing raising production, Saudi Energy Minister Abdulaziz bin Salman denied the reports. reported that OPEC may cut production.