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Iran downplays chances of oil deal, UAE keen on freeze

Iran has downplayed the chances of global oil producers clinching an output-restraint deal at the International Energy Forum in Algeria. Several other members of the group, however, said they still hoped for steps to tackle a price-eroding glut of crude. Russia is also attending, but there is no evidence the country is preparing to participate in any production action. Algeria’s energy minister said the market was badly oversupplied and the situation had worsened since the last OPEC meeting in June.

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