QUEST: Oil prices are recovering from a losing streak that started last week and continued rather through early Monday trade. Look at how Brent crude is trading, it fell 2 percent because of the new data coming out of Saudi Arabia and Iran. Those two OPEC members are pumping more and more oil. Our emerging markets editor John Defterios reports on the oil position.</s>JOHN DEFTERIOS, CNN EMERGING MARKETS EDITOR: Richard, the oil market is getting the jitters yet again. The issue is not demand, which is actually rising, but it is supply coming from major hitters. In the monthly outlook, OPEC said crude output remains near a record. Over 33 million barrels a day. The headline here is that regional rivals, Saudi Arabia and Iran continue to produce even more barrels. Saudi Arabia 10.6 million a day, Iran now over 3.6 million a day after the lifting of sanctions, Iran added 800,000 barrels from the 2015 level. It is a high stakes geo-political game within OPEC ahead of an informal meeting of the world's largest producers later this month in Algeria. Saudi Arabia and Russia recently floated the idea of energy cooperation and a potential freeze of their already high levels of output, but a formal deal has not materialized. As prices rose to $50 a barrel twice in the last three months, U.S. oil companies decided to add more rigs. The so-called rig count rose to 414 the most since February. Meanwhile, the market is growing more skeptical by the day. The international benchmark North Sea Brent has traded in a range of $40 to $50 a barrel since June. And now the view is there is no good reason to push it higher.</s>QUEST: John Defterios in Abu Dhabi. We'll have Profitable Moment after the break.
Saudi Arabia, Iran Boost Oil Production.