Saudi Press

Saudi Arabia and the world
Friday, Aug 08, 2025

Saudi Arabia denies oil-production increase; reaffirms cut to continue till end of 2023

Saudi Arabia denies oil-production increase; reaffirms cut to continue till end of 2023

Saudi Arabia categorically denied on Monday the recent reports about discussions being held with regard to oil output increase, reaffirming that the OPEC+ decision to cut production would continue to remain until the end of 2023.
Energy Minister Prince Abdulaziz bin Salman said that there was no basis for the recent reports that Saudi Arabia is discussing with other OPEC+ producers about an output increase of 500,000 barrels per day (bpd).

“It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings. The current cut of two million bpd by OPEC+ would continue until the end of 2023 and if there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene,” he added.

The 33rd OPEC and non-OPEC Ministerial Meeting, held in Vienna, decided on October 5 to cut the production by two million bpd effective from November as part of the measures to ensure oil market stability and avoid volatile situations in the global market.

The Vienna meeting also decided to extend the “declaration of cooperation” until the end of 2023, provided that ministerial meetings will be held every six months.

Prince Abdulaziz emphasized after the Vienna meeting that “what we are doing is essential for all oil exporters, even outside of OPEC Plus, which will remain a major force for the stability of the global economy.”

The energy minister noted that “the amount of uncertainty we are currently experiencing is unprecedented. The current situation makes it difficult for large consumers to resort to the paper market.”

Prince Abdulaziz also noted that the agreement to cut oil production was not made in order to raise prices, but rather for the sustainability of markets.

“Oil prices did not surge compared to other energy prices such as coal and gas, thanks to the OPEC+ and the effectiveness of its decisions. The group's goal is to create a disciplined market that serves its real objective, as liquidity in the markets was affected by sharp fluctuations that caused prices to surge,” he added.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
×