Venezuela proposed oil production freeze, Saudi wants Iran to join-in

As per Reuters report, Venezuela proposed oil production freeze at the current levels for both OPEC and non-OPEC producers during the meeting with Saudi Arabia over the last weekend.

If reports are to be believed, Saudi warmed to the idea but wants to Iran join-in; something that Iran is unlikely to do since it intends to capture the market share it lost during the three year period when western powers had imposed sanctions.