Saudi Arabia To Boost Output as Oil Tops $50
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In New York the price of light sweet crude for November delivery climbed to an all-time peak of 50.47 dollars per barrel, the highest level since oil began trading on the New York market in 1983.
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Oil rose above $63 on Thursday after a   report that key OPEC producers, including Saudi Arabia, had   agreed unofficially to cut production to stem falling prices.
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Crude oil futures rose yesterday for the first time in a week, climbing above $43 a barrel after an attack at the US consulate in Saudi Arabia and amid growing concerns that OPEC may try to firm-up oil prices after last week's sharp sell-off.
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Saudi Arabia, the worldâs largest oil exporter, will raise production from 9.5 million barrels a day to 11 million barrels. An Oil Ministry official said the increase would go into effect within weeks.
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Saudi Arabia may boost output capacity by 30 percent within two years in order to prevent shortages, the country&#39;s oil minister said.
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The Saudi announcement came after oil prices moved above the US$50 per barrel mark. Oil analyst Deborah White at Societe General bank, said: &quot;The Saudi announcement is not a surprise.
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Saudi Arabia, the world&#39;s largest oil exporter, is to raise production from 9.5 million barrels a day to 11 million barrels in an attempt to rein in prices that have topped US$50 a barrel.
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Oil prices hit a new record of 50.47 US dollars a barrel on Tuesday as rebels in Nigeria threatened oil output and hurricane Ivan slashed production in the Gulf of Mexico, despite Saudi Arabian pledge to increase output.
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Saudi Arabia's oil minister Ali Naimi said his country is working toward lifting its sustainable oil production capacity to 12.5 million barrels a day, and added that the "fear factor" over supply has increased the oil price by &#36;10-&#36;15 a barrel.
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Crude oil surpassed $50 a barrel for the first time and analysts said Tuesday that prices could keep rising because of a sharp rise in global demand, tight supplies and threats to output in petroleum-producing nations such as Iraq and Nigeria.    Homeowners and energy-intensive industries could feel the sting from high oil prices worsen as seasonal demand picks up this winter, and there is already evidence that the supply disruptions caused by Hurricane Ivan are making it more costly to drive...
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Saudi Arabia will increase oil production capacity to 11 million barrels per day (bpd) in a bid to curb soaring prices, Oil Minister Ali al-Nuaimi has said.
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Oil prices hit fresh records on Monday,  pushing London Brent crude above $50 for the first time and  extending a relentless rise that has added around 65 percent to  the cost of crude this year.
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Oil prices climbed back to $50 on  Tuesday, pushed higher by supply outages in the North Sea and  fears about low stocks of winter heating fuels.
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RIYADH, Saudi Arabia, Dec. 26 -- Saudi Arabia's oil reserves, the world's largest, could increase by almost 77 percent to top 461 billion barrels in a few years, the nation's oil minister said Sunday.
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Leading OPEC producer Saudi Arabia said on Monday in Vienna, Austria, that it had made a renewed effort to deflate record high world oil prices by upping crude output again.
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RIYADH, Saudi Arabia, Jan. 15 -- With oil prices hovering around $90 a barrel, President Bush on Tuesday urged oil-rich countries to raise their output, but Saudi Arabia's oil minister said the world's largest producer would do so only "when the market justifies it."
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Oil prices surge to fresh record highs in London, with Brent crude reaching the $50-a-barrel mark for the first time.