Dubai

SAUDI Arabia's dominance of Opec isn't what it once was. Iraq and Iran, shaking off shackles of sanctions and war, have raised oil output to record highs and are asserting themselves within the Organization of the Petroleum Exporting Countries. Together, they produce more than eight million barrels per day (bpd) - nearly a quarter of the oil pumped by the group - and both want to boost their output further.

The ambitions of Opec's second and third-largest producers are the main obstacle to the Saudi-backed effort to trim the group's output and buoy prices. Even if members reach a deal next week and accept production quotas, the reluctance of Iraq and Iran to cut output bodes poorly for their long-term cooperation with the kingdom - and for stability in global oil markets.