Saudi Arabia and other OPEC members have been discussing on the quiet a half-a-million-barrel increase in their combined oil production to keep a lid on oil prices, unnamed sources told Reuters amid growing concern that the Iran sanctions will create a serious shortage in global supply. The increase could be shared by non-OPEC producers as well, the sources said. The information contradicts the official Saudi stance expressed at the OPEC+ meeting in Algiers last weekend but, said the sources, Riyadh did not want to make the discussions public in order to avoid upsetting those OPEC members that did not have enough spare production capacity to deploy quickly enough to weather the effects of the Iran sanctions. “There are only two months left until the end of the year, so why create tensions now between Saudi Arabia, Iran and Russia?” one of the sources said. Of course, tensions between Saudi […]