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Political Tension Drives Oil Surge: OPEC Delegate - ASHARQ AL-AWSAT English Archive
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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.

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Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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