Nov 30, 2016 07:48 AM IST IST | Source: Reuters

Iran wants much steeper Saudi oil cut - OPEC source

Iran has written to the Organization of the Petroleum Exporting Countries saying Saudi Arabia needs to cut oil output to 9.5 million barrels per day, an OPEC source told Reuters.

Iran has written to the Organization of the Petroleum Exporting Countries saying Saudi Arabia needs to cut oil output to 9.5 million barrels per day, an OPEC source told Reuters.

Saudi Arabia has previously indicated it was prepared to reduce its production only by 0.5 million bpd from current levels of 10.5 million bpd.

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