Oil falls as Saudi Arabia sets conditions for accord

Saudi Arabia will only freeze its oil output if Iran and other major producers do so, the kingdom’s deputy crown prince said, challenging the country’s main regional rival to take an active role in stabilising the over-supplied global crude market.

The warning by Mohammed bin Salman, 30, who has emerged as Saudi Arabia’s leading political force, leaves the outcome of a meeting between Opec and other big oil producers this month in question. Iran has already said it plans to boost its production after the lifting of sanctions following a deal to curb the country’s nuclear program.

“If all countries agree to freeze production, we’re ready,” bin Salman said in an interview.