LONDON - CRUDE oil prices yesterday surged above US$117, setting a new record high, because of worries over supply disruptions from major producers and comments by Opec reiterating there is no need to raise output.
United States light crude hit a record high of US$117.40 a barrel. London Brent crude also struck its all-time peak of US$114.65.
The Organisation of Petroleum Exporting Countries (Opec) sees no need to raise oil production to counter high oil prices, said its president Chakib Khelil on Sunday, when asked by reporters whether the group would raise production.
Mr Khelil, who is also Algeria's Energy and Mines Minister, added that raising output would have no impact on prices as the market was well-supplied.
His remarks came amid concerns over supplies from Nigeria, Africa's largest oil exporter, and North Sea production because of an impending strike by workers at a refinery in Scotland.
A Nigerian rebel group said last Friday it had sabotaged a major oil pipeline operated by Royal Dutch Shell and vowed to step up attacks on oil installations.
Officials at Shell, which is currently pumping 400,000 barrels per day below capacity in the Opec nation because of sabotage and security concerns, confirmed a small amount of production had been shut in.
REUTERS
No comments:
Post a Comment