Oman Offers to Bridge Saudi-Iran Gap in Oil Output Talks
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Oman, the biggest non-OPEC oil exporter in the Persian Gulf, offered to narrow differences between Saudi Arabia and Iran that scuttled a planned crude output freeze.
Futures fell as much as 6.8 percent in New York, the biggest intraday drop since Feb. 1, after 16 countries failed at a meeting in Doha to limit their production in an effort to reduce a global glut. The outcome of the Sunday summit was disappointing but not a surprise because Iran wasn’t involved in the talks and Saudi Arabia insisted on Iran’s inclusion in the freeze, Oman’s Oil and Gas Minister Mohammed Al Rumhy told Bloomberg TV.