The Saudi Arabian government in the Middle East has issued a comment denying reports that OPEC Plus, which is made up of major oil-producing countries, will discuss production increases, and has suggested the possibility of further production cuts.
In the New York crude oil market, the international futures price of crude oil temporarily fell to the $75 per barrel level, then rose to the $80 level, fluctuating wildly.
On the 21st, the Wall Street Journal, an American economic newspaper, said that at a meeting scheduled for December 4th, OPEC (Organization of Petroleum Exporting Countries) led by Saudi Arabia and OPEC Plus, which is made up of major oil-producing countries such as Russia, He said that an increase of 500,000 barrels per day will be discussed.
Regarding this, Saudi Arabia's Energy Minister Abdul Aziz issued a comment through state-run news that he "absolutely denies" and said, "If there is a need to reduce production, we are ready to intervene at any time." also suggested.
In the New York crude oil market on the 21st, in response to the news, the futures price of WTI, which is an index of international crude oil trading, temporarily fell to the $ 75 per barrel level for the first time in about 10 months.
However, after the Saudi Arabian government announced a comment, the price rose again to the $80 per barrel level, fluctuating wildly.