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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. He said that without solutions to the conflicts in Syria and Yemen, an agreement is unlikely. OPEC is in a difficult situation.”.
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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