No Saudi proposal to cut oil production 5%: DJ, citing Gulf OPEC sources
January 28, 2016, 6:29 pm

Saudi Arabia has not proposed a 5 percent oil production cut, according to Thursday reports, after earlier headlines indicated it would do so in order to support weak oil prices.

Russian Energy Minister Alexander Novak said on Thursday that Saudi Arabia had proposed oil production cuts of up to 5 percent by each country. But Saudi Arabia has not proposed cutting back production or asked Russia to do the same, Dow Jones reported, citing a senior Gulf OPEC delegate.

After Russia`s energy minister made the claim earlier, OPEC delegates responded by saying there were no plans to hold talks to cut production, according to Bloomberg News.

"Indeed, these parameters were proposed, to cut production by each country by up to 5 percent," Novak said when asked if Saudi Arabia had proposed curbing oil output by 5 percent.

This would represent around 500,000 barrels per day of output cuts by Russia.

"This is a subject for discussions, it`s too early to talk about," he said.

Novak also told reporters that there was a proposal of a meeting between OPEC and non-OPEC countries on the level of oil ministers and that Russia was ready for the meeting.

"There are lots of questions about the oversight over cuts," he added.

Oil markets rallied on the news, with Brent crude hitting its highest level since early January when Brent traded at $36.67 a barrel. However, crude gave up most of its gains as expectations for production cuts were tempered.

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