Oil Falls to One-Month Low as Saudis Link Output Freeze to Iran
- World's biggest crude exporter will raise output if others do
- Russian oil production climbed to post-Soviet high last month
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Oil dropped to a one-month low after Saudi Arabia’s deputy crown prince said his country will freeze output only if Iran follows suit, putting in doubt the prospects of a proposed deal to freeze supply.
Futures slipped 3 percent in New York. Saudi Arabia’s Mohammed bin Salman signaled in an interview with Bloomberg last week that if any country raises output, his nation will also increase sales. Producers are scheduled to meet this month to discuss an agreement on capping supplies. Iran’s oil minister said he’ll attend the gathering if he finds the time. Russian oil production reached a post-Soviet high in March.