Saudi Arabia looks to increase OPEC+ production

Saudi Arabia looks to increase OPEC+ production

©Reuters. The OPEC logo in Vienna, Austraia December 6, 2019. REUTERS/Leonhard Foeger/File Photo

(Reuters) – Saudi Arabia and other OPEC oil producers are discussing an increase in production.

This is what the Wall Street Journal reported, which cited delegates of the group, who remained anonymous.

An increase to 500,000 barrels per day is now under discussion ahead of the December 4 OPEC+ meeting, according to the report.

The speculation of increased output emerged after US President Joe Biden’s administration told a federal judge that Saudi Crown Prince Mohammed bin Salman should enjoy sovereign immunity in a US federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi.

The immunity decision amounts to a concession to Prince Mohammed, who bolsters his position as the kingdom’s de facto ruler after the Biden administration tried for months to isolate him, The Wall Street Journal reported.

Last month OPEC unexpectedly decided to drastically reduce production targets.

The price of oil has fallen to less than $84 a barrel in the past two weeks.

(Translated by Chiara Bontacchio, editing Stefano Bernabei)

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