"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. The Saudi threat followed objections by Iran, which said it was unwilling to freeze its output, the same OPEC sources 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% of OPEC's total ceiling — or 4.2 million bpd. "The next OPEC meeting is near and we will never cease to recapture our quota in the organisation," he said on Monday, adding that Iran's crude oil output was nearing 4 million bpd.

Source: The Edge Markets November 04, 2016 16:13 UTC