World oil prices fell from their 13-year peaks of $40 a barrel Monday as leading world exporter Saudi Arabia said Opec should raise supply to stop high prices hurting world economic growth.
US light crude ended one dollar a barrel lower at $38.93, bouncing back slightly from its heavy losses of over $1.50 a barrel directly after the Saudi remarks. London's Brent crude was down $1.03 to close at $36.97 a barrel.
The Saudi Kingdom's Minister of Oil Ali Al Naimi said Opec should raise its production target by at least 1.5 million barrels per day (bpd), just over six%, from an existing 23.5 million bpd when it meets on June 3. (menareport.com)
© 2004 Mena Report (www.menareport.com)
