OPEC looked set to maintain its production policies on Friday and take no steps to curb supply going into 2016 when members Iran and Iraq will boost exports, potentially worsening one of the worst oil gluts in history. Benchmark Brent oil futures LCOc1 are below $45 per barrel, just a few dollars off their 6-year lows, and OPEC’s own basket of crude grades is below $38 per barrel – a fraction of what most OPEC members need to balance their budget. OPEC’s poorer members have been piling pressure on OPEC’s wealthier members led by Saudi Arabia to curb supply. But Riyadh and its allies appeared on Friday to be ready to stick to their strategy of defending market share, hoping that lower prices would ultimately drive higher […]