BREAKING NEWS

Saudi-Iran rivalry sets scene for OPEC showdown over output

By REUTERS

DECEMBER 7, 2015 02:17

VIENNA - OPEC is undergoing an intensifying battle for the oil market's global share, worsened by deep regional differences between Saudi Arabia and Iran.

Saudi Arabia is thought to be behind an initiative to drop any reference to the 13-member group's output ceiling.

The move appeared to be a direct response to Iran, which has made clear it intends to make a rapid return to global oil markets next year as nuclear-related sanctions are lifted.

Tehran is looking to pump as much as 1 million barrels per day (bpd) more crude into a market already saturated with excess supply, an increase of about 1 percent in world supply.

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