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Wednesday, 24 August 2016

Oil bounces on speculation of Iran supporting Opec freeze action | GulfNews.com

Oil bounces on speculation of Iran supporting Opec freeze action | GulfNews.com:

"Oil prices rose on Tuesday, reversing early losses, after Reuters reported Iran was sending positive signals that it may support joint Opec action to prop up the market.
Iran, the third-largest oil producer in the Organisation of the Petroleum Exporting Countries, has been boosting output since the lifting of Western sanctions in January and refused in April to join an Opec production freeze plan.
Though it has not officially announced whether it will join a new effort to curb production at a meeting of Opec and other producers in September, Tehran appears to be more willing to reach an understanding on the matter, sources in Opec and the oil industry told Reuters."



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