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Iran, Russia reject idea of joint oil output cuts with Saudi Arabia

Iran, Russia reject idea of joint oil output cuts with Saudi Arabia
December 03
19:05 2015

Oil-producing countries looked unlikely to reach a deal to lift languishing prices at a meeting on Friday after Iran, Iraq and Russia swiftly rejected a surprise proposal that appeared to have been floated by Saudi Arabia.

Saudi Arabia, the largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), was prepared to propose members cut oil output by 1 million barrels per day next year if non-OPEC countries joined in, industry publication Energy Intelligence reported.

A Saudi source said later the report was “baseless” but declined further comment and a source at Energy Intelligence said it stood by its story. Oil prices rose 3 percent on Thursday but analysts said a global deal would be hard to reach.

Saudi Arabia has long insisted it would cut production only if fellow OPEC members and non-OPEC countries joined in. The report quoted a senior OPEC delegate as saying the Saudis would agree to cuts if Iraq freezes production rises and Iran and non-members such as Russia, Mexico, Oman and Kazakhstan contribute.
Read more at Reuters http://www.reuters.com/article/2015/12/03/us-opec-meeting-idUSKBN0TL0LY20151203#St8ZOSzUza0WjkQj.99

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