OPEC will hold a policy meeting in Vienna Friday.
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Saudi Arabia appears to have floated the idea of a global deal to balance oil markets and lift prices from around the lowest levels in six years although fellow producers Iran and Russia Thursday rejected its main idea of cutting output.Saudi Arabia, the largest oil producer in the Organization of the Petroleum Exporting Countries, might propose members cut oil output by 1 million barrels per day next year if non-OPEC countries joined in, industry publication Energy Intelligence reported.Saudi Arabia has long insisted it would cut production only if fellow OPEC members and non-OPEC countries joined in.Any cooperation between OPEC and non-OPEC producers to tackle low oil prices would be the first since they joined forces 15 years ago to help the market recover from the 1998 financial crisis.
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