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Oil Erases 2016 Gains as Saudis Say Output Freeze Hinges on Iran

  • Deputy crown prince comments on oil-freeze pact in interview
  • OPEC production expands in March as Iran, Iraq pump more crude
Bloomberg business news

How Saudi Arabia Plans to Move Beyond Oil

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Oil erased its gains for the year in New York as Saudi Arabia’s deputy crown prince said the kingdom will only freeze production if Iran and others follow suit.

Futures capped a weekly decline of 6.8 percent, the first since mid February. With producers scheduled to meet in Doha this month to complete an accord on capping output, Saudi Arabia’s Mohammed bin Salman signaled in an interview with Bloomberg that if any country raises output, the kingdom will also boost sales. While Iran will attend the talks, it has ruled out limiting supply as it restores exports after sanctions were lifted in January.