Iran Says Close to Saudi Oil-Market View Before Meeting - Bloomberg

Iran Says Close to Saudi Oil-Market View Before Meeting - Bloomberg:



"Iran’s oil minister said his nation’s position on oil markets is close to that of Saudi Arabia, hours after the world’s biggest crude exporter signaled it may not favor output curbs in response to slumping prices.



“We didn’t discuss only about the cut, but we discussed the market situation and our position is close to each other,” Iran’s Bijan Namdar Zanganeh said in Vienna today, after meeting Saudi Arabia’s Ali Al-Naimi. The Saudi oil minister said earlier the oil market will “stabilize itself.” Later, Al-Naimi said that Persian Gulf countries have reached a consensus on output and OPEC will take a “unified position,” without elaborating on what they agreed to do.



Crude plunged into a bear market this year and is trading close to its lowest since 2010 amid speculation that Saudi Arabia and other nations in the Organization of Petroleum Exporting Countries won’t take the necessary measures to eliminate a surplus. The group meets tomorrow in Vienna and 58 percent of respondents in a survey by Bloomberg Intelligence anticipate the group will leave output unchanged."



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