OPEC's decision to keep its output unchanged Wednesday reflects the changing balance of power within the group, says a Olivier Jakob at Petromatrix. "It seems that Iran has replaced Saudi Arabia at the political powerhouse within OPEC...[it] has not allowed Saudi Arabia to get its wishes," Jakob says. 
"The problem for the Saudis now is if they don't carry on with their plan of incremental production increase, they become subordinated to Iran ," he adds. ICE July Brent +129c at $118.07/bbl. Nymex July crude +157c at $100.66/bbl.