FxWirePro: Daily Commodity Tracker - 21st March, 2022 
As Algeria readies to host meeting of the Organization of the Petroleum Exporting Countries (OPEC) next week, Saudi Arabia has made an oil output proposal to Iran. Saudi Arabia said that it was ready to reduce output if Iran agrees to freeze production at current levels of 3.6 mln bpd
Saudi Arabia and Iran, arch-rivals in oil markets and in politics, are sending conciliatory signals that they want to work together, along with Russia which is involved in talks although not a member of OPEC. OPEC source said Saudi Arabian and Iranian OPEC officials are meeting in Vienna this week, in order to work out the shape of a possible output deal.
"This time I think (things are) a little bit different because circumstances are a little bit better, helping (producers) to reach a deal," Iraq's OPEC governor Falah Alamri said on Thursday.
Meanwhile, oil benchmarks spiked on news of Saudi's offer. Oil prices are extending recovery from multi-week lows on Friday amid worries returning supplies from Libya would add to the global supply glut.
