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Saudi Falih says Iran can freeze oil output as part of OPEC deal
November 30, 2016 / 10:06 AM / a year ago

Saudi Falih says Iran can freeze oil output as part of OPEC deal

VIENNA (Reuters) - Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC was getting close to clinching a deal to limit oil output, adding it was fine for Iran to freeze production at pre-sanctions levels.

Saudi Arabia's Energy Minister Khalid al-Falih talks during the 23rd World Energy Congress in Istanbul, Turkey, October 10, 2016. REUTERS/Murad Sezer/File Photo

The comments could be seen as a compromise by Riyadh, which in recent weeks insisted that Iran fully participate in cuts.

Falih also said the Organization of the Petroleum Exporting Countries was focusing on reducing output to a ceiling of 32.5 million barrels per day.

He added that even if OPEC failed to reach a deal, the market would slowly recover as fundamentals were moving in the right direction.

Reporting by OPEC team in Vienna; Editing by Dale Hudson

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