OPEC talks stall as Saudis refuse to exempt Iran from oil cut

VIENNA (Reuters) – OPEC talks on oil production cuts reached deadlock on Friday as the group’s leader Saudi Arabia refused to grant sanctions-hit Iran exemptions from planned reductions, OPEC sources said.

Saudi Energy Minister Khalid al-Falih, asked on Friday whether he was confident the day’s meetings would produce a deal, said: “No.”

The Organization of the Petroleum Exporting Countries was meeting in Vienna for a second day running, before discussions later in the day with non-member oil producers led by Russia.

On Thursday, OPEC tentatively agreed an output cut but could not decide concrete parameters as it was waiting for a commitment from Russia, sources from the group said.