Saudi Arabia Flip-Flops On Curbing Oil Production, Iran Just Refuses

Saudi Arabia announced Thursday that it is “not prepared” to trim oil production even though it agreed with Russia on Tuesday that major oil-producing countries should freeze their output at last month’s levels. In early Asian trade on Friday, U.S. oil futures dropped as record crude stocks renewed fresh concerns over global oversupply, though the benchmark witnessed a 14% rise this week. Iran endorses oil production cut plan without committing In a first sign of Organization of the Petroleum Exporting Countries’s (OPEC) and non-cartel producers’ scramble to find ways to prop up the oil market, Saudi Arabia and Russia announced Tuesday that…