Iran is reportedly gearing up to pressure Saudi Arabia to cut its oil output when OPEC meets this Thursday in Vienna.
OPEC members will meet to discuss the group’s output policy as some members call on Saudi Arabia, OPEC’s largest producer, to pullback production as prices continue to hover around three year lows.
Iran’s oil minister is set to meet with his Saudi Arabian counterpart and will try to persuade the country to curb production, Iranian news agency Mehr said.
Saudi Arabia has insisted that it will not decrease output despite a supply glut caused by booming U.S. production and weak demand in Europe and Asia.
Saudi Arabia, Iran and Iraq have used falling oil prices as an opportunity to grab market share in Asia, sometimes by selling products at discounted prices.
In October, cash strapped Venezuela tried but failed to call an emergency OPEC meeting to address dipping oil prices.
Chief of Venezuela’s state owned PDVSA called Saudi Arabia’s resistance to production cuts a “price war.”
Earlier this month, Saudi Arabia said it will double its natural gas output by 2030 but will use all of it for domestic consumption.
The country also instituted a round of price drops that will be in place at least until December and sent the OPEC daily basket price to a three year low.