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Iran has increased its market share in the excess supply environment by offering large discounts , undercutting the Saudi and Iraqi prices for their deliveries to Asia. Our main competitor is Saudi Arabia,” Amir Hossein Zamaninia, Iran’s deputy oil minister for international affairs, said in an interview with The Wall Street Journal.
Given this environment, it is not surprising that the revenue elasticity of production is highly sensitive, and negative. They are fighting a multi-front war with Iran directly (in Yemen) and indirectly (in Syria, Lebanon, and Iraq). Saudi Arabia increased production by 6.8 Their need for revenue is intensifying rather than moderating.
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