Most want to increased current quotas, the other wants them increased more. Both sides see the dollar as over valued by about 5 percent. Hardly a dispute, I think there is more to it than this spat over short term increases.
And I am right, here is Bloomberg:
Bloomberg notes, a more dramatic scenario is also in play - a repeat of Thanksgiving 2014 - when OPEC risks breaking down entirely, risking a free-for-all that would crash prices in a repeat of the crisis last year. Back then, it was a disagreement between Saudi Arabia and Russia that triggered a punishing price war, which according to some sparked the March 2020 liquidation panic, not the covid shutdown panic.
Rock and a hard place. Petrobanking keeps a tight inverse relationship between dollar value and oil prices. It boils down to the utility of the dollar, who wants to hold it and who wants to spend it among the OPECers.
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