Saudis offer oil cut if Iran freezes output
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 freezing its output at the current level of 3.6 million barrels per day (mb/d).
Iran and Saudi Arabia are yet to react to the Reuters report. Nevertheless, the new agency quoted another unnamed source as raising the possibility between the two countries to reach a compromise next week when OPEC and non-OPEC producers meet in Algeria to discuss the latest market situation.
Top on the agenda of the meeting will be a proposal devised by Saudi Arabia to freeze oil production at January levels.
Iran has so far rejected the call to freeze its output as unfair and emphasized that it will go ahead with its plans to increase its oil production.
Nevertheless, it had made it clear that it is ready to join the plan after its output reaches 4 mb/d.
The country had been under multiple years of sanctions that limited its oil exports to 1 million barrels per day and also barred foreign investments in its oil industry.
The sanctions were lifted in January after a nuclear deal that Iran had reached with the so-called P5+1 group of countries – the five permanent members of the Security Council plus Germany – came into effect.
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