OPEC moves toward raising oil supply to cool prices, as Iran softens stance

© Gumpanat Thavankitdumrong

The logistics industry is more than aware of the inexorable rise in oil prices. But OPEC today moved closer to boosting oil output by a million barrels a day – or 1% of global supply – in an attempt to cool oil prices. Iran, facing “crippling” US export sanctions, had been against raising output when its own exports look set to fall by a third by the end of this year. However, it looks as if the other OPEC members have ...