Oil surges amid OPEC caution to offset Iran sanctions - Reuters:
Oil prices hit their highest in about six months on Tuesday as sources said Gulf OPEC members were ready to raise output only if there was demand before offsetting any shortfall following a U.S. decision to end waivers for buyers of Iranian crude.
Output in Saudi Arabia, the world’s top oil exporter and de facto leader of the Organization of the Petroleum Exporting Countries, will rise in May, but that it is not related to Iran sanctions, the sources said.
The sources said Saudi production in May will also still within its production target under a OPEC+ supply-cutting deal, which has led global supply cuts since the start of the year aimed at propping up crude prices. The group is set to meet in June to discuss output policy.
No comments:
Post a Comment