Iran iraq at loggerheads with saudis ahead of opec meeting

A timely and relevant topic!

You're likely referring to the ongoing tensions between Iran, Iraq, and Saudi Arabia ahead of the upcoming OPEC (Organization of the Petroleum Exporting Countries) meeting. Here's a brief summary:

Background:

• OPEC is a cartel of oil-producing countries that aims to coordinate oil production and prices.
• The cartel is set to meet on December 6-7, 2022, to discuss oil production levels and prices.
• Tensions have been rising between Iran, Iraq, and Saudi Arabia, three of the largest oil-producing countries in OPEC, over issues such as oil production levels, market share, and regional politics.

Current tensions:

• Iran, which has been under US sanctions since 2018, has been seeking to increase its oil production and exports to compensate for the losses caused by the sanctions.
• Iraq, which has been struggling with its own economic woes, has been trying to increase its oil production and exports to boost its economy.
• Saudi Arabia, the largest oil producer in OPEC, has been resisting calls to increase oil production, citing concerns about the global oil market and the need to maintain prices.

Key issues:

• Oil production levels: Iran and Iraq are pushing for higher oil production levels, while Saudi Arabia is resisting, citing concerns about the global oil market.
• Market share: The three countries are also competing for market share, with Iran seeking to regain its lost market share and Iraq trying to increase its exports.
• Regional politics: The tensions are also fueled by regional political tensions, particularly between Iran and Saudi Arabia, which have been at odds over issues such as Yemen and Lebanon.

Impact on OPEC meeting:

• The tensions between Iran, Iraq, and Saudi Arabia are likely to make the OPEC meeting more challenging, with the three countries having different views on oil production levels and prices.
• The meeting may result in a compromise, with OPEC agreeing to a moderate increase in oil production, but it's unclear whether this will be enough to satisfy all parties.

Global implications:

• The tensions between Iran, Iraq, and Saudi Arabia have the potential to impact global oil prices, which have been relatively stable in recent months.
• A failure to agree on oil production levels and prices could lead to volatility in the oil market, potentially affecting global economic growth and inflation.

Overall, the tensions between Iran, Iraq, and Saudi Arabia ahead of the OPEC meeting are a complex issue with significant implications for the global oil market and the economies of the three countries involved.