Opec’s role as global oil policeman under threat | The National

Opec’s role as global oil policeman under threat | The National:

"It has been a long time since Iran has been able to throw its weight around as an oil producer. American-led sanctions have cost Tehran as much as US$80 billion in lost oil revenues since 2012 and its rival Saudi Arabia has long controlled world prices with its dominance of Opec.

But the last meeting of oil producing nations in November was notable for its Iranian sabre rattling, with the country’s oil minister pledging to disregard Opec quotas of three million barrels per day (bpd) – regardless of the effect on global prices.

Tehran’s renewed confidence has clearly been buoyed by the thaw in Iranian-United States relations that followed the election of president Hassan Rouhani last year."

'via Blog this'