#1
UNUSUALY COOL
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Old disputes between Saudi Arabia and rival Iran resurfaced at a meeting of OPEC experts last week, with Riyadh saying it could raise oil output steeply to bring prices down if Tehran refuses to limit its supply, OPEC sources say.

Clashes between the two OPEC heavyweights, which are fighting proxy wars in Syria and Yemen, have become frequent in recent years.

Tensions subsided, however, in recent months after Saudi Arabia agreed to support a global oil supply limiting pact, thus raising the prospect that OPEC would take steps to boost oil prices.

But a meeting of OPEC experts last week, designed to work out details of cuts for the next OPEC ministerial gathering on Nov. 30, saw Saudis and Iranians clashing again, according to five OPEC sources who were present at the meeting and spoke to Reuters on condition of anonymity.

"The Saudis have threatened to raise their production to 11 million barrels per day and even 12 million bpd, bringing oil prices down, and to withdraw from the meeting," one OPEC source who attended the meeting told Reuters.

#2
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oh, great.
#3
UNUSUALY COOL
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i'm curious if this will actually happen or if it's part of an attempt to mess with current prices to signal to people down the chain, like voters in the U.S., that low gas prices are here to stay. there's also of course the benefit to certain Saudi allies of fucking with russia during its currency issues.
#4
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Another consequence of low gas prices was Petrobras' stock tanking as it happened just as the politically motivated probes on them started so now all of Brazil's gigantic underwater oil reserves will soon be opened to multinational companies by the new government
#5
[account deactivated]
#6
chickeon
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I mean it's been happening for some time now, this seems like an intensification of what's been going on more than something new although i hadn't heard about the supply pact. I don't know what saudi production got up to in the past year or two but it was definitely enough to fuck with the desired victims, especially Venezuela, in a major way.