Iran dealt a severe blow to Saudi-led efforts to curb oil production and reverse the two-year-old downturn in crude prices by rejecting a Riyadh offer to cap output, sending Brent down more than 3.5 per cent.
Ahead of today’s closely watched oil producers’ meeting, Bijan Namdar Zanganeh, Iran’s energy minister, said his country was not willing to freeze output until it had regained more than 4m barrels a day of production, heightening tensions between two of the most powerful producers in the region.
Saudi Arabia signalled it would back a co-ordinated production cut of up to 1m barrels a day to tackle a global glut, but only if Iran froze output at current levels that analysts estimate at 3.6m b/d.
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