An article in the Wall Street Journal over the weekend on what looks like divisions in OPEC:

  • Iran wants oil around $60 a barrel
  • Saudi Arabia, on the other hand, wants it at $70.

Sheesh ... add a dash of volatility to markets and both could get what they want in the space of a week, or less.

Anyway...

  • Iran wants OPEC to work to keep oil prices around $60 a barrel to contain shale producers, Oil Minister Bijan Zanganeh told The Wall Street Journal in a rare interview.
  • Saudi Arabia's budget needs $70

Iran and Saudi are odds on other matters also, including of course:

  • They have backed different sides in the Syrian civil war, the Saudis have lobbied for tighter sanctions on Tehran, and Riyadh accuses Iran of funding and arming Yemeni rebels.

Full article is here if you'd like more, may be gated