BREAKING NEWS

Saudi, Iran set to clash over OPEC oil output targets

By REUTERS

JUNE 2, 2016 09:08

VIENNA - OPEC is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday, with Riyadh trying to revive coordinated action and set a formal oil output target but Tehran rejecting the idea.

Tensions between the Sunni-led kingdom and the Shia Islamic Republic have been the highlights of several previous OPEC meetings, including in December 2015 when the group failed to agree on a formal output target for the first time in years.

Several OPEC sources said Saudi Arabia and its Gulf allies would propose to set a new collective ceiling in an attempt to repair OPEC's waning importance and end a market-share battle that has sapped prices and cut investment.

"The Gulf Cooperation Council is looking for coordinated action at the meeting," a senior OPEC source said, referring to a group combining OPEC's biggest producer Saudi Arabia and its Gulf allies Qatar, Kuwait and the United Arab Emirates.

Any agreement between Riyadh and Tehran would be seen as a big surprise by the market, which in the past two years has grown increasingly used to clashes between the political foes as they fight proxy wars in Syria and Yemen.

G7 seeks unity on ICC arrest warrant for Netanyahu

By REUTERS

11/25/2024 05:43 PM

Smuggling attempt from Jordan Valley thwarted by security forces

By JERUSALEM POST STAFF

11/25/2024 04:58 PM

Child hit and killed by a bus in Jerusalem

By JERUSALEM POST STAFF

11/25/2024 04:25 PM

Bank of Israel stays on hold as inflation stabilizes

By REUTERS

11/25/2024 04:05 PM