Saudi Arabia and its Persian Gulf allies are willing to pull back oil output as crude prices skidded further Wednesday but won’t cut unless other producers like Iran, Iraq and Russia join them, Gulf officials said. “We cannot cut alone,” a Gulf official said ahead of the Organization of the Petroleum Exporting Countries meeting on Friday. “Everyone has to contribute to that—Iran, Iraq, and the rest outside OPEC.” Asked if Saudi Arabia saw the need to curb supplies, the Gulf official said: “Absolutely.” OPEC’s 168th meeting now promises to be a showdown between Saudi Arabia and Iran, two oil powerhouses that are rivals for political influence in the Middle East. Iran has called on Saudi Arabia to cut back its record levels of oil production as the Islamic Republic prepares to ramp up its own crude exports when western sanctions are lifted, as planned, next year. OPEC is preparing […]