By Micah HalpernI've Been Thinking:
Today OPEC is meeting and Iran is hoping to take charge.
The Iranians are attempting to change the daily output of OPEC and, once again, turn themselves into one of the most powerful forces in the world of oil export.
Of course, Saudi Arabia - the major OPEC member, will see this as a frontal assault. Saudi Arabia is currently the most powerful force around the OPEC table. Iran has been powerless since the Western sanctions were instituted. Now that the sanctions are being lifted, Iran wants to move into the position of power.
In addition to everything else they want, the Iranians are also proposing to place one of their people as the new chairman and head of OPEC. Exactly how the other OPEC members are going to receive the newly awakened arrogance of Iran is yet to be seen.
One thing is for sure, Saudi Arabia is not going to take this lightly. Expect real clash and a full blown battle.
We will continue to monitor the situation as it unfolds.
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