Iran May Reduce Its Oil Output as Part of an OPEC Deal if Saudis accept Iran's conditions. (Taz).
OPEC will debate an oil output cut of 4.0-4.5 percent for all of its members except Libya and Nigeria next week.
According to a report covered by Fars, sources said Saudi Arabia and its Persian Gulf allies have signaled they were prepared to cut close to 1 million bpd of their output.
Under the Algerian proposal, Iran was asked to cut 4.5 percent from almost 4 million bpd, according to sources. But Tehran has signaled it wants to cut from higher levels of 4.1-4.2 million bpd, one of the sources said.
Iraq was asked to cut about 200,000 bpd. Baghdad is also still debating whether it should cut from the levels of OPEC’s estimates or its own, higher, production figures. Read the full story here.