In an interview with Energy Intelligence on Tuesday, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that “the OPEC+ alliance will stick to production cuts to the end of 2023.”

“There are those who continue to think we would adjust the agreement ... I say they need to wait until Friday, Dec 29 2023 to demonstrate to them our commitment to the current agreement,” he added.

Market reaction

Following these comments, WTI is challenging daily highs near $72.50, adding 1.04% on the day.