Saudis Deny Report of Talks on OPEC+ Oil-Production Increase

Energy minister: OPEC+ is ready to make further cuts if needed
Oil pares losses after dipping below $85 a barrel in London

An oil processing facility at the Shaybah oil field in the Rub' Al-Khali desert, also known as the 'Empty Quarter,' in Shaybah, Saudi Arabia.Photographer: Simon Dawson/Bloomberg

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By Salma El Wardany

November 21, 2022 at 5:06 PM UTC

Updated on

November 21, 2022 at 5:21 PM UTC

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Saudi Arabia denied a report that it is discussing an oil-production increase for the OPEC+ meeting next month, and said it stands ready to make further cuts if needed.

Crude futures pared earlier losses, trading 1.8% lower at $86.04 a barrel as of 5:18 p.m. in London.