BAT­TLE LINES ARE DRAWN

Qatar Today - - BUSINESS -

OPEC is find­ing that an in­ten­si­fy­ing bat­tle for mar­ket share, wors­ened by deep re­gional dif­fer­ences be­tween Saudi Ara­bia and Iran, is driv­ing it fur­ther apart. This was the con­sen­sus af­ter the 167th OPEC meet­ing held on De­cem­ber 4 in Vi­enna.

With Tehran 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% in world sup­ply, main­tain­ing or le­git­imis­ing any pre­tense of OPEC lim­its – no mat­ter how no­tional – was not an op­tion for Riyadh.

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