Opec: The Great Balancing Act

Saudi Arabia, Kuwait, and the United Emirates have built large foreign currency reserves, which means they could run several deficits if necessary. Members such as Iraq, Iran, and Nigeria have greater domestic budget demands because of their large population in relation to the oil revenues. They are also under more pressure due to US production increase. The war in Syria and Iraq has also seen Isis, or Islamic State, capturing oil wells. It is estimated it is making about $3m a day through black market sales - and undercutting market prices by selling at a significant discount - around $30-60 a barrel.