GULF OPEC MEMBERS MAY REVIVE GLOBAL OIL OUTPUT DEAL

Gulf members of Organisation of Petroleum Exporting Countries, including Saudi Arabia, appeared set to revive the idea of coordinated oil-output action by major producers, when the group met on yesterday, which may include establishing a new output ceiling inside the group, OPEC sources said, according to Reuters.

Saudi arch-rival and OPEC member Iran said the country was not yet ready for an output pact, but several OPEC sources said the atmosphere inside the group had improved and a compromise was possible.

Read more @ The Guardian