Saudi Arabia says it has boosted oil production

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

By News Wires (text)

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.

OIL PRICES MOUNT WITH UNREST

OIL

Graph: Turmoil sends oil prices soaring

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.

OIL

OPEC considers boosting output
LIBYA

Turmoil sends crude oil prices soaring
ECONOMY

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

Date created : 09/03/2011

Comments (2)

OPEC considers boosting output

by worldwidereach - 28/03/2011 - 12:00

The likely-hood of the price of crude skyrocketing in OPEC . Will it enhance development of the third world economy for the better or will it not propel further unrest to the third world economy as it is been witness currently in the Gulf region which will soon spread to other region particularly African producers and Asian Economy in NO distance future with Europe and America having very little share all in the interest of promoting Democracy? So therefore producing more Crude Oil would help stabilizing World energy Program or mar the process in the long run with it attendance in breading New Alqaeda Army of people that will eventually mar the democracy ten-dances the world is clamoring for Now.