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Saudi Arabia has not proposed a 5% oil production cut, according to Thursday reports, after earlier headlines indicated it had done so in order to support weak oil prices, according to CNBC citing Reuters.
Energy Minister Alexander Novak said earlier in the day that Saudi Arabia had floated oil production cuts of up to 5% by each country. But Saudi Arabia has not proposed scaling back output or asked Russia to do the same, The Wall Street Journal reported, citing a senior Gulf OPEC delegate.
The official told the newspaper that a proposal of 5% cuts was one 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.
Novak earlier said "these parameters were proposed to cut production by each country by up to 5%" when asked if Saudi Arabia had proposed curbing oil output.
Read alsoFT: First U.S. oil tanker arrives in EuropeOil 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.