TEHRAN (Reuters) – Iran’s oil minister said on Saturday OPEC could revise a decision to boost crude production from November if that increase pushed prices lower than was economical for producers, an Iranian news agency reported.
In a bid to cool oil prices that have hit record levels in recent weeks, the Organization of the Petroleum Exporting Countries agreed to hike output by 500,000 barrels per day (bpd) from November 1.
Full article here. It is worth noting that higher prices almost always make production more “economical” for producers.
Oil (WTI Cushing Spot) is hovering around $80 today.