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Friday, 4 November 2016

Oil price falls as Saudi Arabia and Iran argue over output | Business | The Guardian

Oil price falls as Saudi Arabia and Iran argue over output | Business | The Guardian:

"Squabbling between Saudi Arabia and Iran has sent the oil price down, as tension between the near neighbours threatened to derail talks aimed at cutting production by the Opec group of oil-producing countries.

Riyadh is reportedly threatening to turn the screw on Tehran before this month’s crunch Opec meeting by increasing its own output to push prices even lower.

Saudi Arabia produces up to 10.7m barrels per day (bpd), but Opec sources said it had threatened to open the taps much further."



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