Influential members of Opec, the oil cartel, are joining Saudi Arabia in raising output to cool soaring prices and allay fears of a supply crunch in the west.
The behind-the-scenes move by Kuwait, the United Arab Emirates and Nigeria reflects growing unease among Opec members over the threat to the global economic recovery from crude’s runaway rise amid the worsening crisis in Libya.
US oil prices increased to their highest levels since September 2008 on Monday, trading at an intraday high of $106.95 a barrel, while Brent, the European benchmark, hit a session high of $118.50. Gold jumped to a fresh record of $1,444 an ounce.
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