Don't miss

Replay


LATEST SHOWS

FOCUS

How Senegal is leading the fight against AIDS in West Africa

Read more

EUROPE NOW

A year of crucial elections in Europe

Read more

ENCORE!

Music show: Blues legend Lucky Peterson & Lollapalooza Paris

Read more

EUROPE NOW

One year after Brexit, where is the EU headed?

Read more

BUSINESS DAILY

Oil-producing nations meet as cracks emerge in production deal

Read more

THE WORLD THIS WEEK

Head of French armed forces quits; Six months of President Trump

Read more

IN THE PAPERS

Man vs Shark: Michael Phelps loses 'race' to great white

Read more

IN THE PAPERS

Chris Froome 'almost' among the greats with fourth Tour de France win

Read more

EYE ON AFRICA

International Francophone Games kick off in Abidjan

Read more

Business

Saudi Arabia says it has boosted oil production

Text by News Wires

Latest update : 2011-03-09

Saudi Arabia has raised its production of oil as OPEC members act to counter market instability caused by the crisis in Libya, analysts say.

AFP - New York crude fell below $105 in Asia Wednesday as OPEC members showed signs of increasing output to counter the effects of turmoil in the Middle East and North Africa, analysts said.



New York's main contract, light sweet crude for delivery in April, shed 67 cents to $104.35 per barrel.

Brent North Sea crude for April delivery fell 76 cents to $112.30.

Jim Ritterbusch, head of oil trading advisory firm Ritterbusch & Associates, said rumours that leader Moamer Kadhafi was seeking an exit from Libya's crisis had put some pressure on prices.

OPEC is moving to offset instability in the Middle East, with Saudi Arabia indicating it has raised production and other OPEC members like Nigeria also stepping in, he told Dow Jones Newswires.

"The fact that some OPEC production hikes are reportedly beginning to develop amongst light, sweet producers such as Nigeria is placing more downside pressure on the Brent," he said.

Date created : 2011-03-09

  • OIL

    OPEC considers boosting output

    Read more

  • LIBYA

    Turmoil sends crude oil prices soaring

    Read more

  • ECONOMY

    Nervous eyes on the Suez Canal as Egyptian unrest hits world economy

    Read more

COMMENT(S)