OPEC Wants to Raise Oil Price

In an investment advisory letter from Asterbeck Capital Management in Connecticut released to Reuters news on Oct 7, it was reported that Saudi Arabia working with Kuwait and UAE has come to an agreement with Iran to achieve output cuts. The newsletter quotes, "Now Saudi Arabia has declared it wants higher prices and is working with the rest of OPEC - and quite possibly Russia - to achieve them by curbing production.” “"What is important is that Saudi Arabia and its GCC (Gulf Cooperation Council) allies Kuwait and the UAE have agreed with their archnemesis Iran to cap production growth."