DUBAI/LONDON: Old disputes between Saudi Arabia and rival Iran resurfaced at a meeting of OPEC experts last week, with Riyadh threatening to raise oil output steeply to bring prices down if Tehran refuses to limit its supply, OPEC sources say. The Saudi threat followed objections by Iran, which said it was unwilling to freeze its output, the same OPEC sources said. The Saudi threat to raise output came as a surprise even to Riyadh's Gulf OPEC allies, sources who attended the meeting of experts on Oct. 28 said. "WAR FRONT"The Saudi OPEC delegation told their Iranian counterparts that Tehran should freeze output at 3.66 million bpd - the latest estimates of Iranian output by OPEC experts, known as secondary sources. Iran has reported its output at 3.85 million bpd in September and said it would only cap its output at 12.7 percent of OPEC's total ceiling - or 4.2 million bpd.

Source: New Strait Times November 04, 2016 12:27 UTC