Saudi Arabia and Kuwait indicated that they will not increase their crude oil productions above their quotas to make up for other OPEC members’ shortfalls or to ease the upward pressure on prices. Prince Abdulaziz said he wanted to be “very respectful” to OPEC+, while Kuwaiti counterpart Mohammed al-Fares said infringing on quotas could disrupt the coalition’s harmony and risk ending the supply pact entirely. The recent gas and electricity crunch in Europe and Asia has been pulling up crude prices with some power plants switching fuels to oil, but there is no shortage of oil in the market, the Saudi energy minister said. OPEC, Russia and nine other partners reaffirmed their plans for a small 400,000 b/d production hike for December, rejecting complaints from the US, India and Japan.
- Saudi Arabia, Kuwait say other OPEC+ members’ struggles won’t push them to bust quotas