OPEC would discuss output hike if $80 oil lasts

OPEC would likely hold consultations about boosting supply again if the price of oil stayed above $80 a barrel for more than 15-20 days, an OPEC source said on Tuesday.

“But is too early to say,” the source added, when asked if OPEC needed to pump more oil.
The high price would not last long as concerns about supply would abate once the world’s number one consumer, the United States, built stocks of heating fuel ready for winter, the source said.

The high price was not good for OPEC as in the long-term it would hit oil demand, the source added.

Reuters