"Oil production increases by 500,000 barrels per day"? Deny!

Saudi Arabia said that the "OPEC+" oil production reduction plan will continue until the end of
next year.

In response to Western media reports that "Saudi Arabia and other major oil producers will discuss increasing oil production by 500,000 barrels per day at the 'OPEC+' meeting on December 4", major oil producers such as Saudi Arabia and the United Arab Emirates have recently denied this statement, emphasizing that the production reduction plan will continue until the end of
next year.

The following video is from CCTV Finance

According to the Saudi News Agency, Saudi Energy Minister Abdulaziz said on the evening of November 21 local time that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers will not discuss oil production before the December 4 meeting, and the plan of major oil producers to reduce production by an average of 2 million barrels per day will continue until the end of
2023.

He also said major producers stand ready to intervene
if measures such as further production cuts are needed to balance supply and demand.

On November 22, UAE Energy Minister Mazroui, Kuwaiti Oil Minister Bader Moula, Algerian Energy and Mines Minister Al Qab, Iraqi Oil Minister Zahra and others also issued statements denying that they would discuss production increases at the "OPEC+" meeting
.

On October 5, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers announced after the 33rd ministerial meeting in Vienna, Austria, that in view of the uncertainty facing the global economy, the oil market and the need for stronger long-term guidance for the oil market, production will be cut sharply from November to reduce production by 2 million barrels
per day from the average production in August.
The production cut is equivalent to 2%
of global average daily oil demand.