Saudi Arabia and Iran in supply oil war

Saudi Arabia and Iran are giving no ground in their market share war, just days after Opec announced an informal meeting to discuss ways to stabilise falling prices.

The Organisation of Petroleum Exporting Countries announced earlier this week it will hold informal talks on the sidelines of a conference in the Algerian capital next month.

Saudi Arabia, the world’s largest crude exporter, told Opec it boosted oil output to a record 10.67m barrels a day in July, according to sources.