Iran Sees Any Break in OPEC Solidarity Sending Oil Lower
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Crude prices may drop to as low as $40 a barrel if there’s discord among OPEC members, an Iranian oil ministry official said, as the group seeks to defend market share amid a global supply glut.
Middle East crude producers Saudi Arabia and Iraq this month increased the discounts used to set the official prices for their main crudes for buyers in Asia to the widest in more than a decade. OPEC decided unanimously on Nov. 27 to maintain its output target even as the highest U.S. production in more than three decades boosts global supplies, prompting a drop in benchmark Brent crude to less than $70 a barrel for the first time since May 2010.