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