News Summary: Saudi-Iran tension haunts OPEC meet

AP News
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Posted: Jun 13, 2012 2:52 PM
News Summary: Saudi-Iran tension haunts OPEC meet

OIL TROUBLE: OPEC ministers are deeply divided over how much crude to pump, with Saudi Arabia keen to keep a lid on prices, rival Iran pushing to cut production for higher prices.

LET IT LIE: The 12-nation group is likely to paper over differences Thursday by deciding to leave output unchanged despite current overproduction.

IRAN IRE: U.S. sanctions over Tehran's nuclear program have already cut into exports of Iranian crude _ from about 2.5 million barrels a day last year to between 1.2 and 1.8 million barrels now. A European Union embargo that starts July 1 will tighten the squeeze.