Monday, August 01, 2005

Oil Climbs to New Highs

Oil rose above USD61 a barrel in New York after the death of Saudi Arabia's King Fahd, ruler of the world's largest oil exporter, heightening concern about supplies following refinery disruptions in the United States and Europe. Saudi Arabia is the largest producer in the Organisation of Petroleum Exporting Countries (Opec), which supplies about 40% of the world's oil. The kingdom is the only member of the 11-country group that has enough spare capacity to compensate for an output disruption of about one million barrels a day. Are we to expect another increase in petrol prices due to this sudden spike?!? I hope not, I'm already drowning here!

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