Goldman Sachs raised its second quarter 2011 Brent crude oil LCOc1 forecast to $105 a barrel from $100.50 on Tuesday, saying OPEC spare capacity was being eroded as Saudi Arabia cushioned lost Libyan supplies.
Saudi Arabia increased output to around 9 million barrels a day, almost 1 million bpd above its agreed OPEC quota, as violent unrest slashed exports from Libya but analysts said production had been significantly increased before fighting broke out.
The uprising in Libya has cut its 1.6 million bpd output by half, the International Energy Agency said late in February, while Libya's top oil offical has estimated output has fallen by 700,000-750,000 bpd. Libya was the world No.12 exporter before the unrest.
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