Saudi Arabia is ready to cooperate on output but has not proposed a 5 percent production cut to bolster weak crude prices, according to a report Thursday.
Earlier Thursday, Russian Energy Minister Alexander Novak said the Saudis had floated oil production cuts of up to 5 percent by each country. But a senior Gulf OPEC delegate later said Saudi Arabia has not proposed scaling back output or asked Russia to do the same, The Wall Street Journal reported.
The official told the newspaper that a proposed 5 percent cut was previously floated by Algeria and Venezuela. But he said Saudi Arabia and Persian Gulf allies "are ready to cooperate with others" to bring stability to international oil markets, according to the report.
It backs up earlier skepticism of the production cut proposal. After Novak made the claim, OPEC delegates responded by saying there were no plans to hold talks to cut production, according to Bloomberg News.