Saudi Arabia was not the source of a proposal to cut oil production that Russia was studying, al-Arabiya television reported on Sunday, quoting an unnamed Saudi source. But the kingdom, the world’s biggest oil exporter, wanted to cooperate with other producers to support the oil market, the source also told the Saudi-owned and Dubai-based satellite channel. Russian Energy Minister Alexander Novak said on Thursday that OPEC had proposed output cuts of up to 5 percent to help reduce a glut of crude and prop up sinking prices, in what would be the first such deal globally in over a decade. It was not clear if Novak was referring to a months-old proposal by OPEC members Venezuela and Algeria, or a new one backed by Saudi Arabia. Sunday’s Arabiya report implied the proposal […]