Saudis offer oil cut if Iran freezes output
An aerial view of Iran’s Soroush oil field in the Persian Gulf. (Photo by Shana)/ Saudi Arabia has reportedly announced that it is ready to reduce its oil production provided that Iran agrees to cap its own output over the remaining months to the end of 2016. Reuters has quoted unnamed sources as saying that the Saudi offer, which is yet to be accepted or rejected, was presented to Tehran earlier this month. The sources added that Riyadh had voiced readiness to cut its oil production to levels seen early this year in exchange for Iran ...
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