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Saturday, 24 September 2016

Saudis offer oil cut for OPEC deal if Iran freezes output: sources | Reuters

Saudis offer oil cut for OPEC deal if Iran freezes output: sources | Reuters:

"Saudi Arabia has offered to reduce oil production if rival Iran caps its own output this year, four sources familiar with the discussions told Reuters, as Riyadh tries to strike an elusive OPEC deal to curtail supply and boost prices.

The offer, which has yet to be accepted or rejected by Tehran, was made this month, the sources told Reuters on condition of anonymity.

OPEC holds an informal meeting next week in Algiers, which non-OPEC Russia will also join. The group, which produces a third of the world's oil, will also have a formal gathering in Vienna at the end of November."



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