Saudi Arabia and its Gulf allies will reject calls from fellow OPEC members to cut oil output, Iran said on Wednesday, two days before the group meets amid falling prices and a worsening global glut. “It is unlikely that these countries voluntarily cut their output,” Iran’s OPEC governor Mehdi Asali told Iranian news agency Shana. Iran is preparing to ramp up output after an expected lifting of Western sanctions on Tehran next year, and wants OPEC to accommodate the new volumes. Oil prices extended losses to almost 5 percent with U.S. crude falling below $40 per barrel after a senior OPEC delegate told Reuters he saw a slim chance of cuts given a lack of a deal with non-OPEC producers and the prospects of higher Iranian output. “If OPEC cuts […]