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OPEC fuels oil price surge

By Daily Mail Reporter
Updated: 03:12 EDT, 9 June 2011

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Oil prices soared after OPEC refused to increase supplies in a blow to British motorists facing misery at the pumps.

It was widely expected that the 12-member group, which accounts for 40% of world oil production, would boost output to cool prices and take pressure off the global economy.

However, it failed to strike a deal at its meeting in Vienna and Brent crude in London jumped $2.80 to over $119 (£73) a barrel.

The news marks another blow to motorists, already reeling from petrol prices close to record levels.

And it came as energy giant BP said oil consumption grew by 3.1% last year - its fastest rise since 2004 and more than double the average increase over the last 10 years.

Demand in China rose by more than 10%, but production in the North Sea was down, with UK oil output 7.7% lower.

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