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Reuters: Saudi Arabia may raise oil output

Rivalry between Saudis and Iran may crumb the OPEC deal in the end of November.


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OPEC is on verge of a big conflict as members meet in Vienna.



03.Jun.16 1:36 AM
By Anastasia Sutulova
Photo INNOV.RU

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OPECís future depends on balance as differences of opinions reappear between its members
Before the mitting of the ministers on Thursday, OPECís largest oil exporter, Saudi Arabia, was considering coming back to setting a production target abolished last December.

It was discussed to put a new production limit of 32 million barrels a day. Such new ceiling is 0.4 million barrels a day less than the OPEC countries produced two month ago.

It looks like Saudi Arabia is ready to strike the deal. Nevertheless, any agreement strongly depends on Iran as it has been against limiting its production. An April meeting failed exactly because Iran refused to sigh the documents.

If the OPEC countries manage to come to an agreement and introduce a ceiling, it will mean that the organization remains important for them. Despite various political differences, economic interests are the same for all the participants, which can make them work together and cooperate with each other.  



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