In among the multitude of threats that Iran has made public since the US sanctions on Iran were levied, Iran has now heralded the collapse of OPEC, if OPEC members fill the void by snagging market share left unfilled by Iran and Venezuela, according to S&P Global Platts . Iran’s oil minister said that two OPEC members were doing just that, accusing them of wielding their oil as a weapon. The two members Zanganeh was referring to were Saudi Arabia and the United Arab Emirates. It’s interesting to note that both Saudi Arabia has unduly taken on the burden of cutting production. Saudi Arabia has agreed to keep its production to 10.311 million barrels per day, while the UAE’s target is 3.072 million bpd. Saudi Arabia has been overachieving its share of the production cuts, producing 9.794 million bpd in March. Similarly, the UAE is producing closer to target—but […]