(VOVworld) – Saudi Arabia and Iran dashed market hopes that OPEC producers could clinch an oil production freeze deal in Algeria this week. Sources within the group said the differences between Saudi and Iran remain too wide.
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| Saudi and Iran's differences dash hopes for OPEC oil deal (Photo: businesspundit.com) |
OPEC will hold informal talks on Wednesday. Its members are also meeting non-OPEC producers like Russia on the sidelines of the International Energy Forum. Oil prices are less than half their 2014 levels due to oversupply, prompting OPEC producers and Russia to seek a market rebalancing that would boost revenues from oil exports and help their crippled budgets.