Saudi Arabia eyes plan to boost oil price by reducing output

Saudi Arabia appears to have floated the idea of a global deal to balance oil markets and lift prices from around the lowest levels in six years although fellow producers Iran, Iraq and Russia yesterday rejected its main idea of cutting output.

Opec holds its formal policy meeting in Vienna today.

Saudi Arabia, the largest oil producer in the Organization of the Petroleum Exporting Countries, might propose members cut oil output by 1m barrels per day next year if non-Opec countries joined in, industry publication Energy Intelligence reported.