News Iran, Saudi Arabia and others expected to clash

[Technoglitch]

The world's most powerful oil producing group is meeting in Vienna on Thursday but mounting tensions between the 13 members of the producer group – and the differing economic needs of each country – are expected to stymy any deal on output which could support oil prices. OPEC is not expected to cut or freeze oil production levels at the meeting – ideas that failed to find unanimous support at its last meeting in Doha in April. Hopes of a deal were dashed after Iran – an OPEC member that is trying to revive its oil industry after years of economic sanctions -- refused outright to consider a freeze. Iran's brake on a deal angered OPEC's de facto leader Saudi Arabia and further damaged relations between the Middle Eastern rivals but there was talk this week that Saudi Arabia could be trying to revive formal output targets, with Iran's oil minister rejecting the idea yet again. "An output ceiling has no benefit to us," Bijan Zanganeh told reporters in Vienna ln arriving in Wednesday, reiterating Iran's call for individual country quotas.

: OPEC showdown: Iran, Saudi Arabia and others expected to clash - Moneycontrol.com