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Saudis proposing Opec cut oil by up to 1m barrels per day: Report

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ABU DHABI: Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by the Organisation of Petroleum Exporting Countries and its allies, two sources close to the discussions said yesterday.

The sources said the discussions were not finalised as much depended on the reduction in Iranian exports.

"There is a general discussion about this. But the question is how much is needed to be reduced by the market," one of the sources said, speaking from Abu Dhabi where a market monitoring committee meeting was due to be attended by top exporters Saudi Arabia and Russia.

Asked by reporters in Abu Dhabi if the market is in balance, Saudi Energy Minister Khalid Al-Falih said: "We will find out. We have our meeting later."

He said last month there could be a need for intervention to reduce oil stockpiles after increases in recent months. - REUTERS

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