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OPEC deal elusive even after Saudis offer oil cuts

Saudi Arabia said it would be willing to reduce its output if Iran were to cap production at the current level of about 3.6 million

Elena Mazneva Dina Khrennikova & Anthony Dipaola 

OPEC members aren't likely to reach a supply deal in Algiers next week, but an agreement to boost prices could be drawing closer after Saudi Arabia signalled for the first time in two years that it's willing to cut production. Saudi Arabia and Iran, whose rivalry thwarted a deal with other major producers in April, didn't reach agreement after two days of preparatory talks in Vienna, including the Saudi offer to pump less if Iran caps output at current levels, according to two people familiar with the negotiations. While the kingdom doesn't now anticipate any formal decision ...

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First Published: Sat, September 24 2016. 21:13 IST