Don't miss

Replay


LATEST SHOWS

MIDDLE EAST MATTERS

Kurdish independence referendum: What impact on the region?

Read more

THE INTERVIEW

Iraqi Kurdistan FM: 'We are determined to go ahead' with independence vote

Read more

FOCUS

Are universities in Pakistan becoming a breeding ground for terrorism?

Read more

ENCORE!

Film show: 'It', 'Loveless', 'Nothing to Hide' and 'The Party'

Read more

THE INTERVIEW

Save the Children CEO on Rohingya crisis: 'Children are being shot at'

Read more

BUSINESS DAILY

British PM expected to make offer to Brussels in upcoming speech

Read more

THE POLITICAL BRIEF

French labour reforms: Will protests make Macron back down?

Read more

IN THE PAPERS

'US threatens to totally destroy North Korea'

Read more

IN THE PAPERS

Are hurricanes an uncontrollable phenomenon?

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)