Saudi Arabia's Deputy Crown Prince Mohammed bin Salman reacts upon his arrival at the Elysee Palace in Paris, France in this June 24, 2015 file photo. REUTERS/Charles Platiau
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Saudi Arabia's notice makes oil traders sweatAfter his comments thwarted supply negotiations in Doha, oil traders are weighing another implied warning from the Saudi deputy crown prince: the threat of an intensifying clash with Iran over market share. In interviews with Bloomberg News, the prince cautioned that if other producers increased output, Saudi Arabia could respond in kind.Oil prices dropped Monday after Saudi Arabia resolved that an oil-supply freeze was possible only with the support of all OPEC members, including Iran, causing talks in the Qatari capital to unravel.The world's largest oil exporter could increase output by more than 1 million barrels a day, or about 10 percent, to 11.5 million if there was demand for it, the prince, chairman of the Supreme Council of Saudi Arabian Oil Co., said on April 14 .Iran plans to boost output to 4 million barrels a day in the Iranian year through March 2017, Oil Minister Bijan Namdar Zanganeh said April 6 .While the talks failed, it's "premature" to expect that Saudi Arabia will retaliate against Iran's comeback, according to Harry Tchilinguirian, head of commodities strategy at BNP Paribas SA in London.
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