Business | Oil freeze deal faces trouble as Saudi-Iran tensions spike

Oil freeze deal faces trouble as Saudi-Iran tensions spike

April 17, 2016 9:52 AM (UTC+8)

 

(From Reuters)

Saudi Arabia demanded on Sunday that Iran join a global deal on freezing oil output, jeopardizing an agreement between OPEC and non-OPEC producers that was supposed to help ease a glut and prop up the price of crude.

King Salman of Saudi Arabia
King Salman of Saudi Arabia

Some 18 OPEC and non-OPEC countries, including Russia, had been meant to meet on Sunday morning in the Qatari capital of Doha and rubber-stamp a deal – in the making since February – to freeze output at January levels until October 2016.

But the meeting was postponed after OPEC’s de facto leader Saudi Arabia told participants it wanted all OPEC members to take part in the freeze, according to OPEC sources.

 Riyadh had earlier insisted on excluding Iran from the talks because Tehran had refused to stabilize production, seeking to regain market share after the lifting of Western sanctions against it in January. Read more

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