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Commodities Briefing - Categorized | Market Moves, Oil more

Weakened Iran pushes for more OPEC influence

Posted on 18 October 2012

It could be argued that the Organization of the Petroleum Exporting Countries is becoming more interesting as a political forum than a major decider of global oil prices since years of overproduction has rendered the cartel’s production ceiling largely redundant.
And politics is at the fore as OPEC members meet in Vienna next week to discuss who will replace the current secretary-general, Libyan national Abdalla Salem El-Badri, when he retires this year. Ecuador, Iraq and Saudi Arabia have put forward candidates, but the pick looks likely to become a battleground for dominance of the group between rival factions led by Saudi Arabia and Iran………………………………………..Full Article: Source


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