Oil production increase could ease prices
 16 Jun 2008
Oil prices could dip with news that Saudi Arabia is to pledge an increase in output.
In news which is likely to interest home heating oil users, UN secretary general Ban Ki-moon has stated that the country is to increase oil production by 300,000 barrels a day in June and 200,000 barrels a day in July.
Victor Shum of international energy consultancy Purvin and Gertz told the Associated Press: "The Saudis look ready to increase production."
He added: "I think the expected increase in Saudi oil output will temper the market sentiment some."
On Friday, the contract for light sweet crude oil finished at $134.86 (£68.90) on the New York Mercantile Exchange.
Last week, the York Press warned home heating oil users in rural parts of Yorkshire to be on alert following the increase in home heating oil thefts in the area.
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