London — Oil prices rose on Thursday after Saudi Arabia started talks with customers about a reduction in crude sales to support a plan by Organization of the Petroleum Exporting Countries (Opec) to lower global supply. The Opec promised in November to cut output to help prop up prices. Under the deal, Saudi Arabia agreed to cut output by 486,000 barrels per day (bpd), or 4.61% of its October output of 10.544-million bpd. "Aramco is approaching all its customers for possible cuts from February and discussing likely (supply) scenarios," one source told Reuters, referring to state oil giant Saudi Aramco. "Nothing is confirmed yet," the source said, adding the scenarios were for cuts of 3-7%. Investors have been suspicious that Opec may not cut as much as promised, but several sources told Reuters on Thursday the world’s biggest oil exporter intended to lower exports to comply with the Opec reductions. Benchmark brent crude oil was up 50c a barrel at $56.96 by 2.40pm GMT. US light crud...
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