Saudi-Iran Rivalry Heats Up as OPEC Seeks to Stabilize Price
- Saudi Arabia pumped at record level in July, OPEC data show
- Venezuelan president discussed oil prices with Saudi king
Will Saudi's Record Output Impact Oil Price?
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Saudi Arabia and Iran are giving no ground in their market share war, just days after OPEC announced an informal meeting to discuss ways to stabilize falling prices.
Oil’s return to a bear market last week prompted a flurry of words from members of the Organization of Petroleum Exporting Countries. The group’s president Mohammed Al Sada announced plans on Monday to hold an informal meeting in Algiers next month to discuss stabilizing the market, while Venezuelan President Nicolas Maduro said Tuesday he spoke to Saudi Arabia’s king about boosting prices.