Go Finance Reporting NEW YORK - Oil prices rose to move past the U.S. $ 100 per barrel level for the first time since the economic crisis of 2008. This is due to the unrest in Egypt which disrupt the flow of oil shipments through the Suez Canal.
Oil prices rose to USD101 per barrel for the main contract for crude oil in London's Brent North Sea after protesters gathered for the seventh consecutive day amid a general strike threat.
Egypt does not constitute a major crude oil producer, but there is the Suez Canal in Egypt is very important. The canal was carrying approximately 2.4 million barrels of oil per day, an amount equal to a daily output of oil in Iraq or Brazil.
But the Egyptian government confirmed if the Suez Canal was still running at full capacity for oil shipments. But the unrest has caused such a big giant shipping company AP Moller-Maersk to suspend operations in the country.
Threats delay oil shipments this encourages some oil producers today issued a complaint that a rising oil price. "Maybe there will be shortage Suplly petroleum," said OPEC Secretary General Abdalla Salem El-Badri was quoted as saying by the AFP on Tuesday (01/02/2011).
In the meantime, he said oil shipments still going well. "But if we look at the shortage of supply, then we need to act," he said.
Organization of petroleum exporting countries which controls approximately 40 percent of world oil supplies, with most coming from the Arab members are unlikely to discuss the problem of Egypt is in a separate meeting.
OPEC's supreme leader says no need for an emergency meeting before its next meeting scheduled for production in Vienna in June. (GoFinance)
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