Participants attend the opening session of the 15th International Energy Forum in Algiers on September 27, 2016. AFP / Ryad Kramdi
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Saudi Arabia and Iran Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources said the group and nonmember Russia were still trying to bridge differences between the kingdom and Tehran.Sources told Reuters last week that Saudi Arabia had offered to reduce its output if Iran agreed to freeze production, a shift in Riyadh's position as the kingdom had previously refused to discuss output cuts.Several OPEC delegates said Tuesday the positions of Saudi Arabia and Iran remained too far apart. Three OPEC sources said Iran, whose production has stagnated at 3.6 million barrels per day, insisted on having the right to ramp that up to around 4.1-4.2 million bpd, while OPEC Gulf members wanted its output to be frozen below 4 million.As a result, Iran believes its fair production share in OPEC should be higher than its current output, which it says should rise once Tehran agrees new investments with international oil companies.
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