Saudi Arabia's Energy Minister Khalid al-Falih talks during the 23rd World Energy Congress in Istanbul, Turkey, October 10, 2016. REUTERS/Murad Sezer
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Old disputes between Saudi Arabia and rival Iran resurfaced at a meeting of OPEC experts last week, with Riyadh threatening to raise oil output steeply to bring prices down if Tehran refuses to limit its supply, OPEC sources say.A meeting of OPEC experts last week, designed to work out details of cuts for the next OPEC ministerial gathering on Nov. 30, saw Saudis and Iranians clashing again, according to four OPEC sources who were present at the meeting and spoke to Reuters on condition of anonymity.The Saudi OPEC delegation told their Iranian counterparts that Tehran should freeze output at 3.66 million bpd – the latest estimates of Iranian output by OPEC experts, known as secondary sources.Iran has reported its output at 3.85 million bpd in September and said it would only cap its output at 12.7 percent of OPEC's total ceiling – or 4.2 million bpd.Iran's counterargument at the meeting was that Saudi Arabia has raised its output by almost 1 million bpd since 2014, and is now trying to convince others it would cut output by 400,000 bpd to get a deal, though in reality Riyadh has already won extra production and revenue, according to OPEC sources.
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