Opec supply concerns push oil above $117


	Opec supply concerns push oil above $117

JICWyllie

4-21-2008 8:46 AM

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tags:

energy, oil, i-price, i-increase, i-record

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/a20e4073-21c5-4521-9779-16941adffe0f/974D608F-E353-4C00-A1B2-ECE9648E0269/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/45e77db6-0f83-11dd-8871-0000779fd2ac.html" href="http://www.ft.com/cms/s/0/45e77db6-0f83-11dd-8871-0000779fd2ac.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/45e77db6-0f83-11dd-8871-0000779fd2ac.html"><SPAN class="bodystrong">Oil</SPAN> surged to a record above $117 a barrel on Monday, amid growing doubts about the outlook for short and long term supply growth from Opec, the oil cartel.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/45e77db6-0f83-11dd-8871-0000779fd2ac.html">On long-term supplies, the message from Opec was no more encouraging as Saudi Arabia confirmed it would <A href="http://www.ft.com/cms/s/0/36b36e2a-0efe-11dd-9646-0000779fd2ac.html" class="bodystrong">put on hold </A>any further capacity expansion plans, beyond the 12.5m barrels a day target the kingdom is expected to reach by next year.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/45e77db6-0f83-11dd-8871-0000779fd2ac.html">Venezuela’s energy minister, said prices were likely to stay at around current levels and would not fall much further than $90 a barrel, because production costs had increased. He also blamed the rise in oil prices on speculators and the weakness in the dollar.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/974D608F-E353-4C00-A1B2-ECE9648E0269/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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