World oil prices surged to fresh record levels on Monday, approaching 61 dollars per barrel as supply concerns were exacerbated by a weekend election in Iran.
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OPEC Head Still Considering Lifting Output
OPEC president Sheikh Ahmad Fahd al-Sabah said he is still considering the possibility of raising output
OPEC's president Sheikh Ahmad Fahd al-Sabah said he is still considering the possibility of raising output by 500 000 bpd to stabilize prices if there is a rise in demand.
He said that the cartel will reach a solution this week, adding that the extra oil would come mainly from OPEC kingpin Saudi Arabia, and possibly from the United Arab Emirates. Kuwait has an additional 50,000 to 100,000 barrels "for a short term."
World oil prices surged to fresh record levels on Monday, approaching 61 dollars per barrel as supply concerns were exacerbated by a weekend election in Iran.
World oil prices surged to fresh record levels on Monday, approaching 61 dollars per barrel as supply concerns were exacerbated by a weekend election in Iran.
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