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 stood above $60 on Tuesday after forecasts of a cold spell in the U.S. Northeast buoyed heating oil, and as a weaker dollar and a Saudi warning of possible new output curbs bolstered the market.
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Oil prices raced to new record highs above $50 on Tuesday, despite a pledge by OPEC producer Saudi Arabia to increase production, as rebel threats against Nigerian oil facilities threatened to inflict further strain on global supplies
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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Oil prices soared to a new record above $50 yesterday as uncertainties over Nigerian output heightened worries of a severe supply disruption ahead of winter.
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Oil prices rose to record highs Monday  near $50 a barrel for U.S. crude as Nigeria emerged as the  latest focus for worries about supply in an already tight  worldwide energy market.
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Three Gulf countries -- the United Arab Emirates (UAE), Kuwait and Saudi Arabia -- promised Sunday to increase their oil output capacity to help stabilize world prices, the official WAM news agency reported.
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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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U.S. Energy Secretary Sam Bodman said on Saturday that Saudi Arabia should raise output to ease tightness in world oil supplies and that OPEC should up output at its February 1 meeting.
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Saudi Arabia will raise oil production only when the market justifies it, the kingdom's oil minister said Tuesday, in response to President Bush's request that OPEC nations increase output to reduce world oil prices.
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RIYADH, 6 September 2004 - Oil prices soared to historical record levels approaching $50 a barrel two weeks ago, after ranging at about $10 five years ago.
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World oil prices hit new records above $50 a barrel Tuesday amid fears that problems in oil-producing nations mean that oil supplies may not meet strong demand.
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Leading OPEC producer Saudi Arabia said  on Monday it had made a renewed effort to deflate record high  world oil prices by upping crude output again.
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World oil prices marched towards 50 dollars per barrel, touching new highs in pre-opening electronic trading as fighting raged in major producer Iraq.
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Oil prices were forced higher today by an outbreak of violence in Saudi Arabia and concerns that Opec may cut output. The cost of a barrel of light, sweet crude oil climbed to 43.31 US dollars after gunmen
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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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Oil prices set a new record above $50  a barrel on Tuesday as a prolonged U.S. production outage  following Hurricane Ivan attracted fresh speculative buying.