Concern about surging oil prices

Opec ministers say there is nothing they can do to halt surging oil prices that threaten consumer nations’ economies. This could trigger a collapse in demand disastrous to producer states. The group, already producing at maximum output, concluded at talks that raising its 28 million barrels per day output ceiling would not rein in runaway prices. Reports states that oil raced to an all-time high above 75-dollars last week as Iran continued to defy world pressure to halt its nuclear programme. At the same time, a quarter of Nigeria’s output lies idle after rebel attacks and Iraq’s once considerable oil industry is mired in crisis. Meanwhile, South Africans should know by tomorrow how much more they will be paying for fuel next month. Economists say the hike could be as high as 40 cents, with another increase expected in June.