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Saudi Arabia eyes OPEC+ production increase

Saudi Arabia and other OPEC oil producers are discussing an output increase, the Wall Street Journal reported on Monday, citing unnamed delegates within the group.

An increase of up to 500,000 barrels per day is now under discussion for OPEC+’s Dec. 4 meeting, the report said.

It said talk of a production increase has emerged after U.S. President Joe Biden’s administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a U.S. federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi.

The immunity decision amounted to a concession to Prince Mohammed, bolstering his standing as the kingdom’s de facto ruler after the Biden administration tried for months to isolate him, the Wall Street Journal said.

Last month OPEC unexpectedly decided to reduce output targets sharply.

Oil prices have declined to less than $84 a barrel in the past two weeks.
Source: Reuters (Reporting by Ann Maria Shibu in Bengaluru Editing by David Goodman)

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