Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman categorically denied reports that the kingdom is discussing with other OPEC+ producers to increase production to 500,000 bpd, Saudi Gazette reported.

OPEC+ does not discuss any decisions before its meetings. It's current reduction of two million bpd will continue until the end of 2023, and if there is a need to take additional production cuts to balance supply and demand, we are always ready to step in, he added.

OPEC+ countries decided at a meeting in Vienna on October 5 to cut production by two million bpd starting in November as part of measures to ensure oil market stability and avoid volatility in the global market.

Earlier Wall Street Journal reported that Saudi Arabia and other OPEC oil producers are discussing an increase in production.  According to the newspaper, the issue of increasing production to 500,000 bpd is being discussed at the OPEC+ meeting on December 4.