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.


m1.png m2.png m3.png m4.png m5.png
f1.png f2.png f3.png f4.png f5.png
+ =
Latest Videos
VIDEO: The Biology of Bliss and the Human OS - Jamie Wheal
Terror and Tourism: Changing the Travel Landscape
Earth In 2050 - HD Documentary 2015
The drive for gender equality in corporate Japan
Plane touches down then aborts during storm (VIDEO)
The Fermi Paradox II — Solutions and Ideas – Where Are All The Aliens (VIDEO)
Money Survival Tips for Millennials (VIDEO)
Lightning strike explodes a tree (VIDEO)
Latest Photos
best cities for small businesses
Best Jobs in America (PHOTOS)
Inside the coolest private jets (PHOTOS)
The best hotel club floors in the world
Winning Images from the 2015 National Geographic Traveler Photo Contest
PHOTOS: Raging Wildfires Prompt Major Evacuation
Amazing Geometry Cities from air - Photos
Photos Bangkok Get snow - Opens Snow Village