"OPEC sees oil’s rally towards $80 a barrel as a short-term spike driven by geopolitics rather than any supply shortage, four OPEC delegates said, a sign the group is not rushing yet to rethink its supply-cutting agreement. The view of top exporter Saudi Arabia is that any brief, speculator-driven jump in oil prices is not sufficient grounds for producers to boost output, an OPEC source familiar with the kingdom’s thinking said.
For such a decision to occur, the rally would need to be driven by data pointing to a supply impact, the source said.
The four OPEC delegates said the latest rise in prices stemmed more from concern about U.S. sanctions on Iran and tension in the Middle East, rather than a suddenly tighter balance between oil supply and demand."
https://www.reuters.com/article/us-opec-oil/opec-sees-oil-rally-towards-80-as-short-term-spike-not-supply-driven-idUSKCN1IH1DC
For such a decision to occur, the rally would need to be driven by data pointing to a supply impact, the source said.
The four OPEC delegates said the latest rise in prices stemmed more from concern about U.S. sanctions on Iran and tension in the Middle East, rather than a suddenly tighter balance between oil supply and demand."
https://www.reuters.com/article/us-opec-oil/opec-sees-oil-rally-towards-80-as-short-term-spike-not-supply-driven-idUSKCN1IH1DC