Oil prices shoots above $62 on Wednesday after a US government report showed crude oil inventories unexpectedly fell in the worlds largest oil consumer, the first decline in six six weeks. Crude oil stocks in the US fell 1.3m barrels, the Department of Energy said in a report. On the contrary, analysts had expected a 2.5 million -barrel increase. Rising US crude stocks in 2006 has helped counter violence in Nigeria that has cut output there and concern over Irans nuclear work could disrupt supply.
Saudi Arabia and other Opec members have been pumping close to the limit in a bid to calm prices that hit a record $ 70.85 last August as hurricanes disrupted Gulf of Mexico supplies.
Top oil exporter Saudi Arabia vowed on Wednesday to maintain at least 1.5m barrels a day of unused production capacity to gurantee its role as trust-worthy supplier to the world. To fulfil that aim, the kingdom sped through its $ 850m Haradh oilfield project-now pumping full flow at 300,000 bpd, Saudi oil minister Ali al-Naimi said.
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| Posted : 3/23/2006 |
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