• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

Loading...
See More

Oil slides on talk of Opec crude rise

Jan 25 2011 10:13 AFP

Related Articles

Oil rises ahead of Fed meeting

Oil awaits key US energy reserves data

Oil prices turn higher

Oil higher as IEA warns of $100 price

Oil mixed as US jobless claims weigh

Oil mixed after slump in China stocks

 

Singapore - Oil prices fell in Asian trade on Tuesday in the wake of Opec powerhouse Saudi Arabia saying the cartel may boost crude output in tandem with a projected demand increase this year.

New York's main contract, light sweet crude for March delivery, dipped 37c to $87.50 per barrel in afternoon trade.

Brent North Sea crude for March was down 24c at $96.37.

"Markets have been reacting to the Saudi oil minister," said Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore.

"The Saudi oil minister pushed oil prices lower when he suggested that they could increase production even though (there was) no commitment to do so, and in Asia today, we continue to see that trend," he said.

The Organisation of the Petroleum Exporting Countries (Opec) could raise output to meet a 2% increase in demand during 2011, Saudi's oil minister Ali al-Naimi said on Monday.

As non-Opecoil producers are expected to increase output, Opec countries will also have the opportunity "to boost their supplies to the global market to meet the rising global demand," said Naimi.

Speaking in Riyadh, the Saudi oil minister added that he expected average oil prices to be around last year's level of $80 despite a recent spike towards $100 a barrel in London.

opec  |  commodities  |  markets  |  oil

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...