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Saudi’s Take Big Step to OPEC Output Deal

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Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC was close to clinching a deal to limit oil output, adding Riyadh was prepared to accept “a big hit” on its own production and agree to arch-rival Iran freezing output at pre-sanctions levels.

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

Brent crude futures jumped by 7 percent, reaching nearly $50 a barrel. The Organization of the Petroleum Exporting Countries started a closed-door session at around 1000 GMT (5:00 a.m. ET) with a news conference scheduled for 1500 GMT.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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