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Saudi says will only freeze oil output if Iran, others do

Oil prices have collapsed from levels above $100 seen in mid-2014 largely owing to supply outrunning demandTop oil exporter Saudi Arabia will only freeze output if other key producers, including Iran, take a similar measure, its deputy crown prince told Bloomberg News in an interview published Friday. “If all countries agree to freeze production, we’re ready,” Mohammed bin Salman said. Iran indicated it was “ready to participate” in the meeting and demanded an exemption from the freeze in order to boost its exports, according to Russian Energy Minister Alexander Novak.

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