OPEC members will meet on Friday to discuss how much crude to pump amid the surge in crude production in the United States, its traditional main market. There are concerns that the U.S. crude surge will reduce global dependency on OPEC’s products. But the group’s 12 oil ministers are expected to stick to the organization's present output target of 30 million barrels a day. (AP, 30 May)
A rivalry between Iran and Saudi Arabia is also adding to the challenges facing OPEC, denting its image as a unified controller of oil prices and supply.