Oil Prices Soar Above $57 A Barrel

    March 21, 2005

Skepticism concerning OPEC and their ability to increase daily oil output is causing oil prices to continue their price increase per barrel.

According to ABC News, OPEC is considering a production increase of 500000 barrels a day, a number many have a hard time accepting. Because of this, oil prices continue to increase

[Saudi Oil Minister Ali] Naimi, whose country is the organization’s main producer, also said Saudi Arabia was prepared to unilaterally increase its output from the present daily 9.5 million barrels to 11.5 million barrels “if we have a customer.”

Prices rose nonetheless. Light, sweet crude for April delivery rose 30 cents to $57.02 a barrel on the New York Mercantile Exchange by afternoon in Europe. On Friday, the benchmark oil contract surged 32 cents to close at a settlement high of $56.72.

Crude futures set an intraday high of $57.60 per barrel last Thursday.

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