Clouds move over the Riyadh skyline November 17, 2013.
REUTERS/FAISAL AL NASSER
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Saudi Arabia is poised to boost its share of OPEC oil production in the coming months, as Iran's rapid recovery runs out of steam and the kingdom raises output as summer temperatures soar.Saudi Arabia wants to stay dominant in its biggest export markets, plus it desperately wants to avoid losing ground to archrival Iran.Iraq, whose daily output has risen by 1 million barrels since November 2014, will struggle to maintain growth.More recently, it's been Iran nibbling away at the Saudi market. Observed crude exports, monitored by Bloomberg tanker tracking, jumped from 1.3 million barrels a day in January to more than 2 million barrels in April and May.
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