Saudi Arabia Will Only Freeze Oil Production If Iran Joins
- Deputy crown prince says `without a doubt' Tehran must agree
- Saudi Arabia sees oil price rising over the next two years
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Saudi Arabia will only freeze its oil output if Iran and other major producers do so, the kingdom’s deputy crown prince said, challenging the country’s main regional rival to take an active role in stabilizing the over-supplied global crude market.
The warning by Mohammed bin Salman, 30, who’s emerged as Saudi Arabia’s leading political force, leaves the outcome of a meeting between OPEC and other big oil producers this month in question and sent prices sharply down. Iran has already said it plans to boost its production after the lifting of sanctions following a deal to curb the country’s nuclear program.