Easing of supply concerns has helped oil prices dip to US$134 per barrel in Asia. Supply concerns eased after Saudi Arabia announced plans to boost production and OPEC questioned whether crude prices can remain so high. Saudi Arabia plans a 2% production hike, boosting output by 200,000 bpd, from June to July. In May, the kingdom raised production by 300,000 bpd, which was unnoticed global demand continued on a very strong note.
A meeting of oil producing and consuming nations in Jeddah, has been called by Saudi on 22 July to seek ways to tackle soaring energy prices. In the face of runaway prices, OPEC expects demand to increase by 1.28% to an average of 86.9 million bpd, down from a previous forecast of 1.35%.
16-Jun-08 
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