Saudi Arabia made no new proposal to Russia, report claims

Saudi Arabia was not the source of the 5% crude oil output cut referenced by Russia´s energy minister last week, al-Arabiya television said on 31 January citing an unnamed Saudi source, Reuters reported.

Nevertheless, the same source said Saudi Arabia did want to cooperate with other producers to support the market.

According to the Dubai-based, Saudi-owned TV broadcaster the Kingdom had made no new proposals to the Russian Federation.

That came as Venezuelan Energy minister Eulogio del Pino announced on 29 January he would visit several key oil producers to try and push for an agreement to stabilise crude oil prices.

On 4 February, Del Pino would meet with his Russian counterpart Alexander Novak, followed by a meeting with OPEC Secretary General Mohammed al-Sada, who is from Qatar, two days later and followed by visits to Iran and Saudi Arabia.

"We will meet with these four key countries within the framework of the proposal made by Venezuela to OPEC and non-OPEC nations," Del Pino said in a statement issued by Venezuela´s PDvSA.