Opec's biggest quota threat is Iraq, not Iran
Iran insists on raising production steeply, shoots down hope of output agreement
This target was in any case widely flouted, with total production by the 13-nation group around 32 million bpd
Many brokerage houses, including Barclays and Energy Aspects, say crude oil prices are likely to rise to around $60 per barrel by FY17-end
Non-OPEC output is falling sharply, prices last week briefly rose above $50 for first time in 6 months
Not many analysts expect that a production cut will be announced in the meeting
Brent was trading at $49.77, while US WTI crude was seen at $48.92 a barrel
Saudi, along with allies, is set to push for ceiling on output in the crucial meeting today
Some of the world's biggest oil traders said accelerating demand is also helping to rebalance the market
The group meets on Thursday to revive the idea of coordinated oil-output action by major producers
The 13 nations of the Opec pumped 32.44 million barrels a day in April, slightly less than will be required in the the third quarter
The group pumped 32.44 million barrels per day (bpd) in April, highest since at least 2008
The April output figure is OPEC's highest since at least 2008
Saudi Arabian Oil Minister Ali al-Naimi, the architect of the 2014 switch in Organization of the Petroleum Exporting Countries (Opec) policy that's since roiled the energy market, companies and entire economies from Mexico to Nigeria, is leaving his post.An 80-year-old who rose from modest Bedouin roots, al-Naimi headed the ministry for almost 21 years, steering the world's largest crude exporter through wild price swings, regional wars, technological progress and the rise of climate change as a key policy concern."During my seven decades in the industry, I've seen oil at under $2 a barrel and $147, and much volatility in between," al-Naimi told a gathering of the who's who of the American oil industry in February in Houston."I've witnessed gluts and scarcity. I've seen multiple booms and busts."The departure of al-Naimi, who for years could move markets just by uttering a few words, is the latest sign of how the country's young Deputy Crown Prince Mohammed bin Salman is stamping his a
Events at Monday's meeting of OPEC governors suggest that if Saudi Arabia gets its way, then one of the group's central strategies - of managing global oil prices by regulating supply - will indeed go to the grave
Give Opec more power and let Iran and Saudi bicker
OPEC producers tell non-OPEC members that they needed to first reach a deal within OPEC
Failure to reach a deal between OPEC and non-OPEC nations would signal resumption of a battle for market share and may halt a recent recovery in prices.
In its report, OPEC said that economic developments in Latin America and China are of concern
The oil market rebalancing is underway - it's just not coming from where everybody thought it would