Saudi Arabia, the world’s largest crude exporter, may propose an eventual OPEC production cut of 1 million barrels of oil a day that may take effect in 2016, Energy Intelligence reported Thursday, citing a group delegate it didn’t identify. Saudi Arabia would consider the cut only if a number of conditions are met, and the output reduction would not be agreed at the meeting Friday of the Organization of Petroleum Exporting Countries, according to the report, in EI’s International Oil Daily publication. Non-OPEC producers including Russia, Mexico, Oman and Kazakhstan would also have to participate as would Iran, the report said. Iraq would have to freeze production at current levels or agree to cut with the group, the report said. “Even if the report is credible, there will be a long way to go before the market could have any reasonable assurance that an agreement was possible and that […]