In Opec's high-stakes poker game, Iran and Iraq call Saudi's bluff

London

FOR decades, Saudi Arabia has had its way at Opec. All of a sudden the position has turned: Riyadh finds its power waning against a resurgent Iran and Iraq.

As Organization of Petroleum Exporting Countries ministers meet on Wednesday, Saudi Arabia is trying to reassert its authority by hinting it's prepared to walk away from the negotiations. Genuine warning or bluff, Teheran and Baghdad may be willing to take the risk. Both have seen Saudi Arabia gain market share and neither is as dependent on oil prices as Riyadh.

"Iran and Iraq have assumed that Saudi Arabia will cut unilaterally because it wanted higher prices and thought they could put the Saudis into a c…