© Gumpanat Thavankitdumrong opec
© 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 found a compromise with Iran. Reuters reports.

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