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| Oil prices rise on Mexico attacks | Oil prices rise on Mexico attacks |
| (10 minutes later) | |
| Oil prices have surged to near record highs after a series of attacks on energy facilities in Mexico, the world's fifth largest crude exporter. | Oil prices have surged to near record highs after a series of attacks on energy facilities in Mexico, the world's fifth largest crude exporter. |
| Following the Mexican attacks, which have been blamed on a left-wing rebel group, US light was up 37 cents at $77.86 a barrel in early Tuesday trade. | Following the Mexican attacks, which have been blamed on a left-wing rebel group, US light was up 37 cents at $77.86 a barrel in early Tuesday trade. |
| London's Brent crude also advanced, gaining 28 cents to $75.76 a barrel. | London's Brent crude also advanced, gaining 28 cents to $75.76 a barrel. |
| The rises come as oil producers' cartel Opec is meeting in Vienna. Opec is expected to keep its output on hold. | The rises come as oil producers' cartel Opec is meeting in Vienna. Opec is expected to keep its output on hold. |
| US light crude hit a record high of $78.77 a barrel on 1 August. | US light crude hit a record high of $78.77 a barrel on 1 August. |
| 'Long-term problem' | 'Long-term problem' |
| Mexican officials have insisted that the dozen or so attacks will not hit the country's oil output, but have cut off a quarter of its natural gas flow. | Mexican officials have insisted that the dozen or so attacks will not hit the country's oil output, but have cut off a quarter of its natural gas flow. |
| Oil analyst Jim Ritterbusch, president of Ritterbusch & Associates, said that the situation in Mexico "could potentially pose a longer-term problem", which is why prices reacted so strongly. | Oil analyst Jim Ritterbusch, president of Ritterbusch & Associates, said that the situation in Mexico "could potentially pose a longer-term problem", which is why prices reacted so strongly. |
| Opec controls more than a third of global oil supplies | |
| The attacks were claimed by the People's Revolutionary Army, as part of what it says is a "prolonged people's war" against "the anti-people government". | The attacks were claimed by the People's Revolutionary Army, as part of what it says is a "prolonged people's war" against "the anti-people government". |
| Experts say it is a very secretive but also very small grouping. | Experts say it is a very secretive but also very small grouping. |
| Demand dispute | Demand dispute |
| Opec's expected decision not to boost output comes despite calls from the International Energy Agency (IEA), which represents the world's top 26 oil consuming nations, that additional supplies will be needed to meet demand. | Opec's expected decision not to boost output comes despite calls from the International Energy Agency (IEA), which represents the world's top 26 oil consuming nations, that additional supplies will be needed to meet demand. |
| Economists have also suggested that an increase in Opec supplies, and the likely result that prices will fall, would help ease recent US economic and global stock market jitters. | Economists have also suggested that an increase in Opec supplies, and the likely result that prices will fall, would help ease recent US economic and global stock market jitters. |
| Opec members counter that current supplies are sufficient. | Opec members counter that current supplies are sufficient. |
| Over the past year, Opec - which supplies more than a third of the world's oil - has cut deliveries by about 6%. | Over the past year, Opec - which supplies more than a third of the world's oil - has cut deliveries by about 6%. |
| Its 12 member nations include Saudi Arabia, Iraq, Iran, Nigeria and Venezuela. Mexico is not a member. | Its 12 member nations include Saudi Arabia, Iraq, Iran, Nigeria and Venezuela. Mexico is not a member. |