DUBAI (Reuters) – International political tension has driven the oil price to nearly $88 a barrel, not the fundamentals of supply and demand, an OPEC delegate said on Tuesday.
“It’s geopolitics, what else?” the delegate told Reuters. “It’s the same old problem. It is not market fundamentals.”
OPEC ministers were not discussing a further boost to output at the moment, the delegate added.
Ministers and oil officials in the Gulf were only just returning to their desks after the Muslim fasting month of Ramadan, the delegate said.