Global oil prices rose as much 7 percent on Wednesday, rebounding further from their lowest levels in a dozen years, after Iran voiced support for a Russia-Saudi-led move to freeze production in an oversupplied market.

Iranian Oil Minister Bijan Zanganeh met counterparts from Venezuela, Iraq and Qatar in Tehran for over two hours on Wednesday, saying the proposed production”ceiling” should be the first step towards stabilising the market.

Zanganeh, quoted by Tehran’s Shana news agency, did not explicitly say that Iran would keep its own output at January’s levels.

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