Saudi Arabia increases its oil production to 11 million barrels; oil surpasses $ 50É recedes

Oil prices soared yesterday amid fears of suspending oil supplies from Nigeria the fifth largest oil producers in OPEC. The prices surpassed $ 50 before it receded slightly to have the price of one barrel settled at $ 49.90. Meantime; Saudi Arabia has taken a decision to increase its oil production capacity to 11 million barrels daily within weeks.

Oil prices yesterday evening registered new records that reached $ 50.47; the highest level since the beginning of delayed oil contracts dealing in Nimex Bourse in New York after 21 years, after the rebels who seeks a self rule in the oil-rich Niger Delta threatened to launch a "comprehensive war" against the government in Nigeria as from next Friday.

The price of the light American crude oil of contracts to be delivered in November reached $ 49.90 for one barrel representing an increase of 26 cents for one barrel. In the International Oil Bourse in London, the price of European oil Brent mix for the same contracts were up 50 cents and closed at $ 43.46 for one barrel.

Meantime; the Saudi oil minister Ali al-Nueimi said that his country will increase its production capacity to 11 million barrels daily within weeks in an attempt to reduce oil prices.

In a statement, al-Nueimi said that "Saudi Arabia will use Abu Sufaa and al-Qateif oil field (to the east of the Kingdom) which have already started production in order to increase the production capacity of the Kingdom at 500.000 barrels to reach within the few coming weeks 11 million barrels daily."