Iraq mediating between Saudis and Iran to support oil prices

Iraq is carrying out a mediation between Saudi Arabia and Iran to bring about an agreement that would lift crude prices, at a meeting of crude-producing nations in Algiers, Iraqi Oil Minister Jabar Ali al-Luaibi said on Tuesday. Iran on Tuesday rejected a proposal from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supplies, dashing market hopes that the two major OPEC producers would find a compromise this week to help ease a global glut of crude.