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Saudis see OPEC deal possible if Iran agrees oil output cut

by ChemOrbis Editorial Team -
  • 23/09/2016 (17:49)
According to media reports, Saudi Arabia is leaning towards cutting oil output levels if Iran agrees to limit its own at the current level of 3.6 million barrels per day (bpd) ahead of talks in Algeria next week; Tehran has not responded to the offer yet, three sources reported to Reuters.

One source reportedly stated, “Saudis are ready for a cut but Iran has to agree to freeze output" and two other sources confirmed that the offer was made to Iran.

If there will be a consensus, Saudi Arabia’s Gulf OPEC allies; the UAE, Qatar and Kuwait are expected to contribute while Saudi Arabia, with a production of around 10.2 million barrels per day (bpd) will undertake the biggest cut.
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