Manufacturers braced for oil price hike

Manufacturing News, Source : TheManufacturer.com
Published : 31 May 2004 11:03
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The terrorist attack on al-Khobar in Saudi Arabia at the weekend will have Britain’s oil-dependent manufacturing sector bracing itself for a surge in the cost of crude oil that could hamper the sector’s fragile recovery.

With the cost of crude already on the increase because of the Iraq war it is expected that the new attack will send prices above 17 May’s light crude record of £23.50 a barrel.

The world’s industrial sector will be at the forefront of those hoping that Thursday’s meeting of the Opec oil cartel in Beirut will calm its fears by agreeing to step up output and drive down prices as a result.

 

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