Iran dims hopes for deal on output freeze this week
Iran played down hopes Tuesday that a deal to limit oil production will emerge this week in a meeting in Algeria, prompting big falls in oil prices. Speaking in Algiers at a meeting of oil producing countries, Iranian Petroleum Minister Bijan Namdar Zanganeh said an informal gathering of OPEC ministers on Wednesday is “just a consultation meeting ... If there is a decision, it should be taken at the next (OPEC) meeting in Vienna in November.” In the wake of his comments, the U.S. contract for crude oil was down $1.29, or about 2.8 percent, ...
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