OPEC setback hurts Saudis at critical time

OPEC setback hurts Saudis at critical time
Riyadh, Saudi Arabia (UPI) Jun 15, 2011 - The failure of OPEC, which controls 40 percent of the global oil supply, to boost production at its recent Vienna meeting has raised concerns Saudi Arabia is losing its traditional clout at a time when it is increasingly locked in a cold war with Iran. Saudi efforts to have the Organization of Petroleum Exporting Countries hike its output to curb rising prices were defeated by Iran and ... more