Oil falls on fear of Opec deal fail

Oil fell below $45 in New York yesterday as an Organization of the Petroleum Exporting Countries (Opec) deal to curb output appeared in jeopardy after Iran and Saudi Arabia failed to bridge differences.

Futures tumbled up to 4.8% after Iranian oil minister Bijan Namdar Zanganeh told reporters in Vienna his nation will not reduce production.

A 10-hour technical meeting focusing on how to share the burden of cuts failed to resolve differences. Saudi Arabia is ready to reject an agreement unless all Opec members, excluding Libya and Nigeria, participate, said people familiar with the kingdom’s current position at the talks.