Iranian tensions may hit OPEC

OPEC, which is to set its production policy for the coming months at the end of January, risks being dragged into a conflict pitting Iran against Western oil consuming nations.

“If OPEC continues its current production, the [current] excess 2 million bpd of oil supply will lead to an excessive stockpile. Mr Ardebili says the stockpile is not affect oil prices at the moment because demand is high. “But in the second quarter, this heap of [oil] snow will fall down on the oil price as an avalanche,” he added.

ABC