Opec moves closer to Iran’s demand on oil cap

The oil producers’ cartel Opec is believed to be close to sealing its first deal to limit oil output since 2008, with most members moving closer to Iran’s demands it be allowed a higher cap as it tries to regain market share after the easing of Western sanctions.

Key oil producers reportedly proposed a 3.9m barrel a day cap on Iranian output at a gas forum in the Gulf yesterday, which could pave the way for a deal at Opec’s Nov 30 meeting. Iran has argued it should be allowed to freeze production at 4m-4.2m barrels a day.