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Kuwait, Saudi Arabia deny supporting OPEC oil production increase

Oil prices dropped after news broke of a potential production increase but have since rebounded.

Kuwait and Saudi Arabia have denied supporting an oil production increase among the Organization of the Petroleum Exporting Countries (OPEC).

What happened: The Wall Street Journal reported yesterday that OPEC, Russia and other oil producers — known collectively as OPEC+ — are considering endorsing an oil production increase of 500,000 barrels per day. Saudi Arabia is the biggest producer in OPEC and many other Middle Eastern states are members, including Kuwait. The idea is being discussed ahead of the upcoming OPEC+ meeting on Dec. 4, according to the report. 

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