The freeze is finished.”Within Opec, Iran has long pushed for measures to support oil prices. But while Iran may be more willing now to talk, an increase in oil prices has reduced the urgency of propping up the market, Opec delegates say. That position puts it at odds with Saudi Arabia, the driving force behind Opec’s landmark November 2014 refusal to cut supply in order to boost the market. Earlier in May, Opec failed to decide on a long-term strategy as Saudi Arabia objected to Iran’s proposal that the exporter group aim for “effective production management”. Talks in Doha on the proposed output freeze by Opec and non-Opec producers fell through after Saudi insisted that Iran participate.

Source: Mint May 25, 2016 10:15 UTC