Oil shortage pumps up price

FUEL prices appear set to jump by month’s end after the International Energy Agency warned many refineries around the world seemed unable to process sufficient quantities of crude oil.

The Paris-based organisation, which acts as an energy adviser to 26 developed countries, made the comment after crude oil prices reached a 10-month high in New York on fears that refinery breakdowns would slow US petrol production.


According to a survey published in the US, refinery output was just over 90 per cent last month, compared with more than 93 per cent at the same time last year.

In Singapore yesterday crude oil for August delivery was at $US71.31 a barrel, down US10c on the New York close on Tuesday.

Courier-Mail (Australia)