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 downplayed the chances of Opec and non-Opec oil producers clinching an output-restraint deal in Algeria this week even though several other members of the group said they still hoped for steps to tackle a price-eroding glut of crude.