Monday, June 16, 2008
Oil price drops as Saudis pledge more production
Global oil prices have fallen slightly after an announcement by the UN
Secretary-General, Ban Ki-moon, that Saudi Arabia will increase oil
production.
New York's main oil futures contract, light sweet crude for July
delivery, dropped 77 cents to 134.09 dollars per barrel, as the
European trading day began.
After meeting Saudi leaders in Jedda, Mr Ban said the Saudis had
agreed to produce an extra 200,000 barrels a day in July - about 2 per
cent of current output.
This comes on top of a promised hike of 300,000 barrels per day in
June.
"They will respond positively whenever there is a request from their
customers, so there is no shortage," Mr Ban said.
He says the Saudis "don't want to be blamed" for high oil prices.
Oil prices broke through $US100 for the first time ever only at the
start of 2008 and began 2007 trading at about $US50.
Global finance officials fear high oil prices pose a threat to world
economic growth, while truckers and others in Europe and Asia are
holding protests over the rising cost of fuel.
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