KSA denies oil output hike discussion, says OPEC+ may cut if needed

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Saudi Arabia said Monday that OPEC+ was sticking with oil output cuts and could go for more measures to balance the market as prices are falling, denying a report saying it was considering increase of output, according to state news agency SPA.

Earlier today, the Wall Street Journal reported an output boosting of 500,000 barrels per day was under discussion for December 4's meeting of OPEC+. The report cited unidentified OPEC delegates.

"It is well-known that OPEC+ does not discuss any decisions ahead of the meeting," Saudi Arabian Energy Minister Prince Abdulaziz bin Salman was quoted by state news agency SPA as saying, referring to the group's coming meeting in December.

Global oil prices plummeted 5% on Monday, with Brent crude sliding below $83 per barrel for the first time since September 27 after the Wall Street Journal report LCOc1, pared losses following the minister's comments. Brent crude was down 1% at $86.70.

OPEC's member states voted last month on cutting their production of oil and agreed to reduce their oil production by 2 million barrels a day in light of the world's surging energy crisis.

Prince Abdulaziz was also quoted as saying OPEC+ was ready to decrease output even more if needed.

"The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is need to take further measures by reducing production to balance supply and demand we always remain ready to intervene," he said.

The WSJ said talk of a production increase has appeared after US President's Joe Biden's administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a US federal lawsuit related to Saudi journalist Jamal Khashoggi's killing.

The immunity decision amounted to a concession to Prince Mohammed, boosting his standing as the kingdom's de facto ruler after the Biden administration tried to isolate him for months, the newspaper said.