A Saudi oil source said on Thursday that media reports of a Saudi Opec output cut proposal were "baseless".

"It is baseless," the source, who asked not to be named, said without elaborating.

Energy Intelligence newsletter reported on Thursday Saudi Arabia was considering proposing Opec cuts output by 1 million barrels per day under challenging conditions such as Opec members Iran and Iraq limiting output growth as well as the involvement of non-Opec producers. – Reuters