Oil halts losses as OPEC leaders open meeting  in Algiers 

Brent oil price is steady at $46.03, bbl on Wednesday morning halting losses after Saudi Arabia signalled it may compromise with regional rival Iran on a future output agreement according to a note by Goldman Sachs.

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 OPEC’s 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 toward Tehran, saying that Iran, Libya and Nigeria should be allowed to “produce at the maximum levels that makes sense”.

Iraq has been seeking to reduce the gap between Iran, Saudi to facilitate a compromise formula that serves the interests of oil producers and back the stability of oil market, Iraq’s Oil Minister Jabbar Al-Luaibi says in a text message.

Output cuts are among options for tomorrow’s informal OPEC meeting, says Algerian Energy Minister Noureddine Boutarfa.