Oil prices at $79 per barrel are "not yet" too high - OPEC sources

Author: Justin Low | Category: News

Headlines via Reuters, citing four OPEC sources


  • Oil rally towards $80 is driven by geopolitical tensions, not supply shortage
  • Saudi Arabia believes brief oil price spike driven by speculators is not grounds for producers to boost output
A little prelude to the OPEC meeting in Vienna next month, perhaps? Seems like the Saudis are in favour to maintain the output cuts but hey, as long as it is not broken why fix it, eh?

Reckon they would have a different opinion on the matter if oil prices continue to stick around $50 levels.

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