Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC was close to clinching a deal to limit oil output, adding Riyadh was prepared to accept “a big hit” on its own production and agree to arch-rival Iran freezing output at pre-sanctions levels.
The comments could be seen as a compromise by Riyadh, which in recent weeks insisted that Iran fully participate in any cut.
Brent crude futures jumped by 7 percent, reaching nearly $50 a barrel. The Organization of the Petroleum Exporting Countries started a closed-door session at around 1000 GMT (5:00 a.m. ET) with a news conference scheduled for 1500 GMT.
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