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OPEC unity splits over differing views on oil prices

“Iran wants OPEC to work to keep oil prices around $60 a barrel to contain shale producers, Oil Minister Bijan Zanganeh told The Wall Street Journal in a rare interview” writes Summer Said for 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.Shale producers are more nimble than big OPEC producers, using techniques that allow them to increase or decrease production depending on the oil price.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.

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