Saudi Arabia’s Khalid Al-Falih doesn’t advocate production cut Iran’s oil minister to attend producer talks in Algiers: Shana Oil traded near $47 a barrel as Saudi Arabia’s energy minister said an output freeze would be positive for the market and after a report that Iran will attend informal talks next month. Futures lost 0.7 percent in New York after rising 1.2 percent Thursday. A freeze will signify that producers are content with the current market situation, Saudi Arabian Energy Minister Khalid Al-Falih said, ruling out an output cut. Iran will participate in the discussions in Algiers, a state news service reported. Oil suppliers want a deal to manage production, OPEC’s Secretary General Mohammed Barkindo told Arabic-language newspaper Al-Hayat. Oil entered a bull market Aug. 18, less than three weeks after tumbling into a bear market. Prices surged partly on speculation that informal discussions among members of the Organization of […]