Oil prices have restarted their upward trend for the second day in New York after big oil producers said they may cut output further.
The Organization of the Petroleum Exporting Countries (OPEC) wants to shrink crude output again to "preserve my skin the price of oil," Venezuelan President Hugo Chavez said Tuesday.
| Crude oil for February delivery rose as much as USD 1.58 - or 4.2 percent - to USD 39.36 a barrel on the New York Mercantile Exchange, recovering from a five-day fall. |
Crude oil for February delivery rose as much as USD 1.58 - or 4.2 percent - to USD 39.36 a barrel on the New York Mercantile Exchange, recovering from a five-day fall.
Oil prices have plummeted 59 percent over the past year as fuel demand decreased due to a global recession stemmed from the United States.
"We're willing to cut 2 million more, 4 million more barrels to preserve the price of oil," Chavez said in a speech to the National Assembly in Caracas.
Meanwhile, Saudi Oil Minister Ali al-Nuaimi said yesterday that the kingdom's February oil supply will be "lower than the target" decided at the group's December meeting in Oran, Algeria. "We will do what it takes to bring the market in balance," al-Nuaimi said Tuesday in New Delhi where he was expected to attend a conference. |