Saudi Arabia 'wants to cooperate to support oil price'

01/02/2016 07:49 AST

Saudi Arabia wants to cooperate with other oil producers to support the oil market, Saudi-owned Al-Arabiya television reported on Sunday, quoting an unnamed Saudi source.

The source also told the Dubai-based satellite channel that the kingdom was not the source of a proposal to cut production that Russia was studying.

Russian Energy Minister Alexander Novak said on Thursday that Opec had proposed output cuts of up to 5 percent to help reduce a glut of crude and prop up sinking prices, in what would be the first such deal globally in over a decade.

It was not clear if Novak was referring to a months-old proposal by Opec members Venezuela and Algeria, or a new one backed by Saudi Arabia. Sunday's Al-Arabiya report implied the proposal was not new.

The Saudi source's comments were in line with remarks made by a senior Gulf Opec delegate to Reuters on Thursday. Saudi Arabia has long said it is willing to act to stabilise prices but that the other countries, particularly higher-cost producers, must also reduce their output.

The possibility of supply restraint by producers boosted oil prices to almost $36 a barrel last week from a 12-year low close of $27.

But there is widespread scepticism that a deal will happen, especially since Iran is keen to boost its market share now that sanctions on it have been lifted.


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