Saudi insists it can only cut oil output from current output levels of 12.3 mil bpd - sources

Reuters adds to the story, citing sources briefed on the kingdom's policy

This adds to the earlier headline here. But the report says that the kingdom is ready to reduce output by up to 4 mil bpd from the April level mentioned above.

Hence, that will take output to 8.3 mil bpd - which is effectively a 1.4 mil bpd cut from their 9.7 mil bpd level seen in February during the original OPEC+ pact.