OPEC delegate - Saudi Arabia will freeze output without Iran

A senior OPEC delegate reportedly said on Tuesday that Saudi Arabia is prepared to sign up to an oil output freeze next month irrespective of Iran’s participation.

“There is agreement from many countries to go along with a freeze, why make it contingent on Iran,” said the OPEC delegate.

Abdalla El-Badri, Opec’s secretary-general, said on Monday at a news conference in Vienna, “Maybe in the future they will join the group. They [Iran] have some conditions about their production.”

Comments from OPEC delegate is welcome news as it increases the probability of major nations reaching a production freeze accord next month.