OPEC Works Toward Oil Deal as Iran Sounds More Conciliatory
- Saudis say the market needs more supply, reason will prevail
- Iran has argued there’s no need to adjust existing quotas
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The odds of OPEC reaching an oil-production deal increased as Iran edged away from a threat to veto any agreement that would raise output.
After sitting down with counterparts from several countries, Iranian Minister Bijan Namdar Zanganeh said he was optimistic about the outcome of the OPEC meeting, a marked contrast to comments the previous day when he said a deal was unlikely. Saudi Energy Minister Khalid Al-Falih said every minister he’s spoken to agrees that it’s time for the group to change course.