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Crude prices continue freefall
Published in Saudi Press Agency on 02 - 04 - 2005


Crude futures slipped Monday, as oil
cartel OPEC announced it would further increase output by
half a million barrels daily from next month to help meet
an anticipated demand surge in the second half of the year.
Light, sweet crude for the May contract on the New York
Mercantile Exchange fell 17 cents to US$53.15 a barrel,
late afternoon in Asia. Heating oil prices fell marginally
to US$1.4914 a gallon (3.8 liters), the Associated Press reported.
"Kuwait believes that the increase in production is still
possible and may come in May due to the expected rise in
demand by about 1 million barrels per day in the third
quarter," OPEC President Sheikh Ahmad al-Fahd al-Sabah,
also Kuwait's oil minister, said Sunday.
Qatari Oil Minister Abdullah al-Attiyah also said at the
weekend that a second output increase ahead of the cartel's
June 15 meeting was still possible. Recently, the 11-member
cartel has been attempting to counter frequent price surges
and a jittery market with announcements of production
increases.
Demand is expected to rise in the third quarter due to the
onset of the summer driving season in the United States,
the world's biggest crude oil consumer.
Last week, the U.S. Energy Department said the nation's
inventory of crude oil grew by 2.4 million barrels to 317.1
million barrels, or 8 percent higher than last year.
OPEC raised output limits by 500,000 barrels per day in
March to 27.5 million barrels per day in a bid to cool
prices. It left room for a second 500,000 barrels per day
increase before a June meeting if prices failed to drop
below US$55. The group began talks on the second rise last
weekend and said then it could decide within two weeks.


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