OPEC risks further oil price pressure

VIENNA: Organization of the Petroleum Exporting Countries (OPEC’s) policy of maintaining high oil production risks heaping more downward pressure on oil prices, especially with Iranian crude set to enter the global marketplace, analysts say.

While lower prices eat into the revenues of the oil cartel’s members, cheap crude may result in lower production from non-OPEC nations—helping countries like Saudi Arabia preserve their market share.