Iran pressured to cap oil production to shore up prices

Tuesday’s joint announcement by Russia and Saudi Arabia that they would freeze levels of oil production sent world prices for the commodity slightly higher, as several OPEC heavyweights issued public statements calling on Iran to make a similar announcement in order to shore up prices for the benefit of all producers. So far Teheran has given no indications that it is prepared to do so. In related news, Iran’s defense minister was in Moscow Tuesday for talks with his Russian counterpart on strengthening defense ties.

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