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Monday, June 6, 2011

Saudi Arabia and Iran expected clash at OPEC meeting

Saudi Arabia and Iran expected clash at OPEC meeting: "audi King Abdullah meets with Iran’s President Mahmoud Ahmadinejad. (File Photo)
Saudi Arabia and Iran may clash at the OPEC meeting later this week after the Gulf kingdom is expected to push for increasing oil output and is likely to be met by opposition from Iran.

Saudi Arabia is likely to be in favor of a rise in output to reduce prices and support economic growth, but Iran’s OPEC governor has dismissed the need to lift supplies.


“There is no need to increase OPEC production in the 159th meeting of this organization,” said Iran’s OPEC governor, Mohammad Ali Khatibi, according to reports citing the Oil Ministry Website SHANA.

The Organization of the Petroleum Exporting Countries (OPEC) are expected to discuss raising crude supply next week for the first time since 2007, in a move that could weaken $100 oil prices and lessen the impact of high energy costs on economic growth."

1 comment:

  1. These guys have so much to smile about unlimited wealth and with a little more enrichment of their Uranium 252, (up to weapons grade) then the whole world will be beating a path to their door. The only real good thing is that for the most part petroleum products are not really edible, perhaps Cool Whip being a notable exception.