Producers' group reacts as the Middle East crisis threatens to fan a geopolitical risk driven oil price spike in a market that seemed pretty well supplied until now.

Leon also cautioned that if the oil market does not see signs of de-escalation over the weekend, “risk premiums on oil prices could still drive Brent up by $10–$20 per barrel on Monday”. “A broader conflict involving oil infrastructure or disruptions to Gulf shipping would push prices even higher,” Leon stated.

OPEC nations and oil-producing allies reaffirmed Sunday plans to keep current oil output levels unchanged until March, and agreed a mechanism to assess members' maximum production capacity, without giving any details. The announcements were made after ...