Tuesday, 14 June 2011 at 10:57, Reuters, Singapore
Oil output constraints in the North Sea, Nigeria and Libya sent the premium of European benchmark Brent crude over Middle East marker Dubai to its widest level in 6-1/2 years on Tuesday, as Saudi Arabia raises production and cheapens Opec supplies.
The Brent/Dubai Exchange of Futures for Swaps (EFS) jumped 70 cents to $8.40 a barrel at 0430 GMT, Reuters data showed.
That is the highest level since December 2004, when a glut of heavy sour crude depressed the relative value of exports from producers including Saudi Arabia, Kuwait, the United Arab Emirates, Iran, Iraq, Qatar, Venezuela and non-Opec Mexico.
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