OPEC+ Output Hike Talks Denied

OPEC+ Output Hike Talks Denied
OPEC+ Output Hike Talks Denied

Saudi Arabia on Monday said 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 reported that 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, reported.
"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 as saying by state news agency SPA, referring to the group's next meeting in December.
Oil prices, which had slid more than 5% to below $83 a barrel after the WSJ report, pared losses following the minister's comments. Brent crude was down 1% at $86.70.
Last month, OPEC+ unexpectedly decided to reduce output targets sharply. It would be unusual for the group to increase production at a time of declining prices and growing concern about the economic outlook.
Prince Abdulaziz said OPEC+ was ready to reduce output further, if needed.

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