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Crude oil rose to over $ 136 for a barrel in New York because of speculation that the promise of Saudi Arabia to increase production may fail to stop for the supply concerns after attacks on pipeline in Nigeria last week.
The largest exporter of oil in the world will pump additional 200000 barrels a day and will increase the yield if necessary, said the oil minister Ali al-country Naymi yesterday. The Nigerian rebellion group which is fighting for a larger share of the oil wealth, said that on June 24, will suspend attacks for nearly 333000 barrels a day.
“Ultimately, Saudi Arabia told us that there is much that can do immediately,” said Peter Byutel, president of New Canaan, Connecticut (New Canaan).
Not refining oil for August delivery added 1.20 U.S. dollars, or 0.9%, to 136.56 U.S. dollars a barrel on electronic trading on the New York Stock Exchange and trading is sold for 136.52 U.S. dollars for a barrel at 13:05 am Singapore time. On 20 June contract jump 2.76 U.S. dollars, or 2.1 percent, and was 135.36 U.S. dollars.
“The increase of Saudi Arabia will not change anything structurally in the market,” commented Victor Shum, senior director at energy consultant Parvin & Garts (Purvin & Gertz Inc) in Singapore. “The problem is that if they eventually increase its production by 1 million to 500000 barrels per day, of them will remain very little spare capacity, and the fact is he supports prices.