Saudis pledge to increase crude supply as price nears all-time high

Saudi Arabia was yesterday forced to pledge an increase in the supply of crude as threats to production around the globe pushed the price of oil to within three dollars of the all-time high reached after Hurricane Katrina last August.

Amid concerns that the renewed increase in the cost of energy could affect growth in the world economy, the oil cartel Opec also sought to calm the markets by emphasising that it had no plans to limit output at its meeting due to be held in Vienna at the end of the month.

guardian