Investing.com - Saudi Arabia offers cut in its oil output if Iran agrees to cap its output this year.
Reuters quoted sources as saying Friday Iran has yet to respond to the offer
The offer was made this month ahead of informal talks by major producers in Algeria next week.
"They (the Saudis) are ready for a cut but Iran has to agree to freeze," one source said.
U.S. crude was up 0.35% at $46.48 after losses earlier in the session.