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Oil slumps as Iran-Saudi discord dims freeze prospects

New signs of discord sent oil prices sliding on world markets in the face of a global supply glut that has left a gaping hole in the finances of oil-exporting nationsIran on Tuesday ruled out an imminent agreement with other major oil producers to freeze output as regional rivalry with Saudi Arabia hindered efforts to reverse a price slump. The new signs of discord sent oil prices sliding again on world markets in the face of a global supply glut that has left a gaping hole in the finances of oil-exporting nations. OPEC kingpin Saudi Arabia has so far refused to curb its output at a time when Iran is ramping up production following the lifting of nuclear-related sanctions.

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