OPEC to boost output only if supply disruptions prolonged

The Organization of Petroleum Exporting Countries (OPEC) will decide to boost oil output only if the unrest in Iran and the economic crisis in Venezuela cause significant and sustained oil supply disruptions, Reuters reported on Monday, citing an unnamed senior official at the cartel.

“OPEC’s policy is to bring inventories down to their normal levels and will stay the course, unless the disruption in supply of something like 1,000,000 barrels per day persists for more than a month, and causes shortages of crude supply to consumers,” the official added.