Saudi's offer to cut production by 4.5% if Iran freezes at 3.8mbpd - Livesquawk

Headlines coming out via Livesquawk of a sources story from the FT

• Has offered to cut output by 4.5%

• Iran must freeze at 3.8mbpd

• All member must use 3rd party production figures

• Must have full participation from non-OPEC producers

• Iran says only countries that have increased production over past two years should cut back

Full story and details from the FT here (ungated)