Saudis soften oil stance on Iran
Opec might still agree an oil output-limiting deal later this year as the economic problems of Saudi Arabia force Riyadh to cede more ground to arch-rival Iran. Saudi Energy Minister Khalid Al Falih said on Tuesday Iran, Nigeria and Libya would be allowed to produce “at maximum levels that make sense” as part of any output limits which could be set as early as the next Opec meeting in November. That represents a strategy shift for Riyadh, which has said it would reduce output to ease the global glut only if every other Opec and non-Opec ...
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