Oil extended declines after oil ministers from Iran and Saudi Arabia signaled they’re unwilling to curtail production. Futures slid as much as 3.2 percent in New York. Saudi Arabia won’t cut supply as it doesn’t trust fellow exporters to follow suit and believes high-cost producers should bear the burden of rebalancing markets, Ali Al-Naimi said Tuesday. Iranian Oil Minister Bijan Namdar Zanganeh said a Saudi-Russia proposal to freeze output was “ ridiculous ” since Iran seeks to boost exports after years of sanctions, according to his ministry’s news agency, Shana. “The probability of supply cuts has come down from 2 percent to less than 1 percent,” Hannes Loacker, an analyst at Raiffeisen Bank International AG, said by e-mail from Vienna. “If Saudi Arabia and Russia adhere to their January production figures, this doesn’t change the supply picture too much. The only game changer would be if Iran participates, but […]