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An OPEC source said any decision in June to raise output should be driven by a physical shortage or production drop from any supply source, not only Iran. Saudi Arabia would not act alone to replace any Iranian oil shortfall.
The comments came amid expectations that Iranian exports could be disrupted by sanctions.
Sanctions-driven supply losses from Iran could tighten crude markets if OPEC does not respond, which supports energy prices. Any rise in crude costs would also raise biofuel feedstock and transport costs.
reuters.comRania El GamalMay 9, 2018After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
