A freeze in oil output would at least stop adding to the excess supply that has caused prices to collapse.
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Oil producers including Gulf OPEC members back holding talks next month on a deal to freeze output even if Iran declines to participate, OPEC sources said, as political pressure to prop up prices increases.The reluctance of Iran, which is boosting its oil exports to recover market share after the lifting of Western sanctions in January, to join such an accord has been cited by OPEC sources as a potential roadblock to a wider agreement.An exemption for Iran is not a deal breaker, OPEC sources said.OPEC delegates have said that further action including a supply cut could follow by the end of the year, depending on Russia's commitment to the freeze and how much oil Iran adds to the market.Other OPEC sources said it would be hard to backtrack from the deal, so as not to jeopardize a rally in oil prices from January's low.
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