OPEC kingpin Saudi Arabia has denied pursuing a deeper round of production cuts, one senior oil official told CNBC on Thursday, despite intense speculation the global oil-producing group was on the cusp of imposing further output curbs.
The oil-rich kingdom was widely considered to be pushing for other OPEC members to sign up for at least an additional 400,000 barrels per day (bpd) of production cuts. But, one anonymous Saudi oil official told CNBC on the sidelines of a meeting in Vienna, Austria that this was not the case — and Riyadh had not proposed any figures.
