Opec closes in on output deal as Iran gets new offer

Opec is moving closer toward finalising, this month, its first deal since 2008 to limit oil output, with most members prepared to offer Iran significant flexibility on production volumes, ministers and sources said yesterday.

Iran has been the main stumbling block for such a deal because Tehran wants exemptions as it tries to regain oil market share after the easing of Western sanctions in January.

Iran’s rival Saudi Arabia, the biggest producer in OPEC, has argued Iran’s output has peaked and it should not be granted major concessions.