Thursday, July 07, 2005

Saudis warn of shortfalls as oil hits $61

Saudis warn of shortfalls as oil hits $61By Carola Hoyos and Neil Dennis in LondonPublished: July 6 2005 22:02 Last updated: July 6 2005 22:02

Oil prices hit new record highs above $61 a barrel on Thursday, driven by short-term supply fears as the first hurricane of the season threatened crude production and refinery operations in the Gulf of Mexico.
But private warnings also point to a worsening long-term outllook, with Saudi officials saying that the Organisation of the Petroleum Exporting Countries will be unable to meet projected western demand in 10 to 15 years.

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