OPEC divided on the right price for oil - WSJ

The Wall Street Journal (WSJ) carried a story over the weekend, citing that the OPEC cartel is breaking down into two camps after more than a year of unity. 

Key Quotes:

“On one side is Saudi Arabia, which wants oil prices at $70 a barrel or higher, and on the other is Iran, which wants them around $60.

The split is driven by differing views over whether $70 a barrel sends U.S. shale companies into a production frenzy that could cause prices to crash.

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.

At stake is the Organization of the Petroleum Exporting Countries’ production limits, which are among factors helping the oil market’s month-long recovery.”