OPEC will raise oil output if prices remain high

OPEC oil exporters including Saudi Arabia will raise output if prices stay above their $22-$28 per barrel target range for 20 days, a Gulf source said on Thursday.

The source said the 11-member group was committed to filling any supply gap on global markets, but did not see signs of a shortage yet, despite a lengthy strike in Venezuela which has cut exports. ‘‘We are not in a critical situation in terms of fundamentals. People are afraid of the future: Venezuela, Iraq or even a cold winter,’’ he said. Prices, which spiked above OPEC’s target this week, were rising on fears and speculation rather than real shortages,he said. The OPEC has an informal understanding to lift output by half a million barrels per day if the price of its reference basket exceeds $28 for 20 days.