Oil prices shot up in value for the fifth consecutive day Tuesday, as protests in Libya turned violent. Oil futures in London and New York rose as high as 8.5 percent Tuesday, reaching levels unseen in years.
Saudi Arabian Oil Minister Ali al-Naimi said Monday that Saudi Arabia was prepared to increase production of oil if a shortage developed. The minister went on to say that Saudi Arabia, the world's largest oil producer, kept four million barrels of "spare capacity" oil so they could continue to provide fuel even in the event of a shortage. Additionally, he said that all the world's producers combined could provide an added six million barrels of oil.
Saudi Arabian Oil Minister Ali al-Naimi said Monday that Saudi Arabia was prepared to increase production of oil if a shortage developed. The minister went on to say that Saudi Arabia, the world's largest oil producer, kept four million barrels of "spare capacity" oil so they could continue to provide fuel even in the event of a shortage. Additionally, he said that all the world's producers combined could provide an added six million barrels of oil.
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