Saudi Minister of Energy, Industrial and Mineral Resources Khalid al-Falih. (Image credit: Fayez Nureldine/AFP/Getty Images)

Saudis signal compromise for Iran as OPEC debates output cut

Saudi Energy Minister Khalid al-Falih says Riyadh would agree to Iran freezing production at pre-sanctions levels

Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC was close to clinching a deal to limit oil output, adding Riyadh would agree to Iran freezing production at pre-sanctions levels.

The comments could be seen as a compromise by Riyadh, which in recent weeks insisted that Iran fully participate in any cut.

Brent crude futures jumped more than 5 percent to above $49 a barrel. The Organization of the Petroleum Exporting Countries started a closed-door session at around 1000 GMT with a news conference scheduled for 1500 GMT.

Falih also said OPEC was focusing on reducing output to a ceiling of 32.5 million barrels per day, or cutting by more than 1 million bpd, and hoped Russia and other non-OPEC members would...Read more...

Source: arabianbusiness.com