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OPEC Nears Deal on Oil-Supply Boost After Saudi-Iran Talks

  • Iranian minister had a good meeting with his Saudi counterpart
  • OPEC is drafting a compromise agreement on crude production
Bloomberg business news
Nigeria’s Oil Minister speaks to Bloomberg TV before the OPEC meeting.Source: Bloomberg
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OPEC inched closer to an agreement that would allow an oil-supply increase after positive talks between Saudi Arabia and Iran.

Iranian Oil Minister Bijan Namdar Zanganeh said he had a good meeting with his Saudi counterpart in Vienna on Friday and he wasn’t feeling pessimistic about the possibility for a compromise -- a reversal of his position on Thursday night. After a tumultuous few weeks that have whipsawed crude markets, his comments suggested oil consumers from the U.S. to India and China could soon find some relief from high prices.