OPEC divided over who should cut output

|By:, SA News Editor

With U.S. and Iraqi oil output rising, and Iran possibly being allowed to export more oil next year, OPEC is divided about which member countries should trim production to offset the increase in crude supply.

The rift has emerged ahead of a meeting of the cartel in Vienna on Wednesday, when the group isn't expected to decide to lower output even though it projects that demand for its oil will slip 300,000 bpd in 2014. OPEC has maintained an overall limit of 30M bpd for two years.

Iraq is on course to produce 3M bpd this year, the most for at least 20 years, while Iran's exports could rise if diplomatic progress is made over its nuclear program.

ETFs: USO, OIL, UCO, SCO, DBO, BNO, DTO, CRUD, USL, DBE, RJN, DNO, SZO, UWTI, OILZ, DWTI, OLO, UOIL, JJE, RGRE, ONG, DOIL, OLEM, TWTI, UBN