CAIRO (Pakistan Point News / Sputnik - 27th November, 2022) Decisions at the upcoming OPEC+ meeting in December will be made based on the situation on the oil market, according to Iraq's State Organization for Marketing of Oil (SOMO).
"The future decision on whether to maintain the current reduction, introduce an additional new reduction or increase production will take into account the market situation and will be aimed at creating a balance," an assistant to the SOMO director general told Iraqi news Agency (INA) on Saturday.
On Monday, the Wall Street Journal reported, citing OPEC delegates, that Saudi Arabia and other OPEC+ oil producers were discussing a production hike of 500,000 barrels per day to announce at the alliance's monthly meeting on December 4.
However, Saudi Energy Minister Abdulaziz bin Salman Al Saud said on Monday that Riyadh had denied reports that it was discussing an increase in production with other OPEC countries, and plans to maintain the current quota reduction by 2 million barrels per day until the end of 2023.
