Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Malawi: HIV-infected man paid to have sex with girls arrested

Read more

ACROSS AFRICA

Meet Omar, the 10-year-old chef who became a social media star

Read more

EYE ON AFRICA

Gigantic snails are a delicacy in Ivory Coast

Read more

FRANCE IN FOCUS

La vie en gris: The story behind France's famed rooftops

Read more

REPORTERS

Video: Olympic refugee team goes for gold

Read more

FOCUS

Taiwan's nuclear dumping ground

Read more

ENCORE!

Greece: Creativity in a time of crisis

Read more

BUSINESS DAILY

French growth grinds to a halt over strikes

Read more

IN THE PAPERS

Norway will 'move mountains' for Nordic neighbour Finland

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)