Iran Threatens OPEC Veto

Iran is threatening to veto any proposal for raising oil production, says Venezuela and Iraq will support it. I'm sure the Saudis could persuade Iraq to play along but not Iran. Looks like the deal is close to breaking.

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So then, perfect timing for Russia to back away from OPEC, increase their own oil production, and get while the getting is good.

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Iran has no power in this situation, even if Iran, Venezuela, and Iraq got everyone in OPEC to vote against Saudi Arabia.  

Saudi Arabia has been producing significantly less oil that it's allowed to produce for some time now.  Saudi Arabia can raise it's output right up to the agreed upon oil production cap without breaking any terms of the agreement. 

Russia, of course, will do whatever it wants.  OPEC needs Russia more than Russia needs OPEC.

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