Supply will not be hiked

Dubai, June 8: Opec has no plans to meet to discuss oil’s surge to a fresh record, and would need to see a real supply threat to gather before the next scheduled meeting in September, an Opec source said on Sunday.

Oil hit $139 on Friday in its biggest one-day gain. Mounting tension between Israel and Iran and a weakening dollar pushed the price up.

"I don’t think ministers will meet before September unless there is a real threat to supply," the source said. "They won’t meet just to talk about price increases."

Israel’s deputy prime minister said in remarks published last week that an attack on Iran’s nuclear sites looked "unavoidable".

Disputes between Iran, the world’s fourth-largest oil exporter, and the West over Tehran’s nuclear ambitions has supported oil prices amid concern that any escalation could disrupt supplies. — Reuters