Oil price advances as Iran backs production freeze

Crude oil extended gains after Iran said it supported a proposal by Saudi Arabia and Russia that would freeze production at near-record levels, without saying whether it would curb its own output.

Futures in New York gained as much as 7.1%, reversing an earlier loss. Iran’s oil minister Bijan Namdar Zanganeh met with counterparts from Iraq, the second-biggest Opec producer, Qatar, and Venezuela following the output agreement in Doha on Tuesday. Iran supports the Doha proposal, Mr Zanganeh said, according to the Shana news agency.

He didn’t mention if the nation would deviate from plans to restore exports after the lifting of sanctions last month.