Aug 30th 2012
Oil price concerns lead G7 to call for supply boost
G7 finance ministers expressed concerns about high oil prices, and called on producers to boost output on Tuesday 28 August, reported Platts. The ministers suggested asking the International Energy Agency to release reserve oil stockpiles to ensure the market remained well supplied. They added the current rise in oil prices reflected "geopolitical concerns" and "certain supply disruptions". According to Platts, the ministers' statement called on oil-producing countries to increase their output, while drawing "prudently" on excess capacity. Month-ahead Brent crude rose $0.81/bl to $112.86/bl on Thursday as a result of possible oil worker strikes in Norway.
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