as if the Saudis aren’t the price setter…

Oil below $115 on demand worries

June 6 (Reuters) — Brent crude slipped toward $115 a barrel on Monday as concern about demand ahead of a key OPEC meeting later this week weighed on the market.

Signs that high prices are destroying demand in the West, confirmed by the worst U.S. jobs report since September, are worrying a group of OPEC’s core members led by Saudi Arabia.

They will push for a rise in output to reduce prices and support economic growth but are expected to meet opposition from Iran and Venezuela.

“There is no need to increase OPEC production in the 159th meeting of this organisation,” said Iran’s OPEC governor, Mohammad Ali Khatibi, according to reports citing the Oil Ministry website SHANA.

Brent crude was down, while U.S. light, sweet crude slipped.