Iran and Saudi Arabia jockey for OPEC position

Saudi Arabia would boost production to offset any loss of Iranian oil

MarketWatch: Members of the Organization of the Petroleum Exporting Countries Thursday agreed to keep their collective production ceiling unchanged at 30 million barrels per day, according to various news reports. Most analysts expected the cartel to stand pat on output, though there were some concerns that OPEC would decide to cut the quota to help boost prices, which have fallen below $100 a barrel. The market has also been concerned about the impact of European Union sanctions on Iran, with Saudi Arabia saying it would boost production to offset any loss of Iranian oil.

15-Jun-2012
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