Saudi Arabia signals willingness to compromise with Iran

Algiers

SAUDI Arabia gave the strongest indication yet it's ready to compromise with regional rival Iran, potentially paving the way for the first limit on oil production in two years, although a deal is unlikely until the Organization of the Petroleum Exporting Countries' (Opec) next meeting in November.

Khalid Al-Falih, who inherited a chronically oversupplied oil market when he was appointed Saudi energy minister in April, appeared to show more flexibility towards Teheran, saying that Iran, Libya and Nigeria should be allowed to "produce at the maximum levels that makes sense".

"The gap between Opec countries is narrowing in terms of what are the levels at which we will freeze," Mr Al-Falih said after a long day of bilateral meetings in which R…