That should keep a cap on oil
OPEC will debate hiking production in June if Brent hits $80-85 per barrel and Iran/Venezuela production falls further, according to sources cited by Reuters.
Venezuelan production has fallen below 1 million bpd due to US sanctions with about 500k bpd coming offline since February. The US could tighten also sanctions on Iran in May.
"If there was a big drop in supply and oil went up to $85, that's something we don't want to see so we may have to increase output," the source said.
"An increase is on the table, yes, if prices went to $80 and higher," said another source.
