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OPEC sees oil rally towards $80 as short-term spike, not supply-driven

Reuters  |  LONDON/DUBAI 

By Alex Lawler and Rania El GamalLONDON/DUBAI (Reuters) - 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 ...

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First Published: Wed, May 16 2018. 16:44 IST