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Underlining the escalating cold war between Saudi Arabia and its rival Iran, former intelligence chief Prince Turki al-Faisal proposes the kingdom use its oil power to drive down prices to batter the Islamic Republic's sanctions-hit economy.
That would ratchet up tensions in the Persian Gulf and the wider Middle East at a time of unprecedented political upheaval.
Iran and other hawks in the Organization of Petroleum Exporting Countries blocked Saudi-led efforts to boost oil production to bring down prices, driven up sharply by the region-wide turmoil, at the cartel's summit in Vienna June 8.
But the Saudis have already boosted their production, and industry analysts say Riyadh is likely to reach 9.5 million barrels per day, the highest level in three decades and near the kingdom's maximum capability.
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http://www.upi.com/Business_News/Ene...#ixzz1QmWPzvMp
That would ratchet up tensions in the Persian Gulf and the wider Middle East at a time of unprecedented political upheaval.
Iran and other hawks in the Organization of Petroleum Exporting Countries blocked Saudi-led efforts to boost oil production to bring down prices, driven up sharply by the region-wide turmoil, at the cartel's summit in Vienna June 8.
But the Saudis have already boosted their production, and industry analysts say Riyadh is likely to reach 9.5 million barrels per day, the highest level in three decades and near the kingdom's maximum capability.
more
http://www.upi.com/Business_News/Ene...#ixzz1QmWPzvMp