There is absolutely no doubt that the next Opec ministerial meeting this week will pit Saudi Arabia and its Gulf allies against Iraq, Iran and Venezuela, three founder members of the oil exporters organisation. Saudi Arabia has increased its production 140,000 barrels a day above its 10.058 MBD output ceiling in the pact the kingdom had brokered between the Opec, Russia and non-Opec oil producers. There has been a significant shift in Saudi oil policy since early May and the kingdom wants to increase output to bring down oil prices, probably in response to pressure from the Trump White House. Saudi Arabia has always seen that oil price spirals that could cause global recession and decimate demand for its sole major export commodity. Russia has also increased its oil production in May to almost 11 million barrels a day, in response to pressure from the cash strapped oligarchs who […]