NYMEX crude falls towards $134 after Jeddah meeting
PERTH (Reuters) - U.S. crude futures fell over a dollar to near $134 a barrel on Monday after Saudi Arabia said at an emergency meeting over the weekend it was ready to increase oil output capacity by another 2.5 million barrels per day if there was demand.
* NYMEX crude for August delivery CLc1 fell was down 55 cents at $134.81 a barrel by 2238 GMT, after falling as much as $1.05 to $134.31.
* Top exporter Saudi Arabia is ready to pump more than 9.7 million barrels per day (bpd) of oil for the rest of this year if there is demand, and could add an extra 2.5 million bpd of capacity above a current plan to reach 12.5 million bpd by the end of next year, Oil Minister Ali al-Naimi said at an emergency meeting of oil producing/consuming nations in Jeddah on Sunday.
* World energy powers embarked on a new level of dialogue to try to rein in runaway oil prices at the meeting, but were unable to come up with a quick fix.
The final statement of the summit also said current high oil prices and oil price volatility were harming the world economy.
* Oil market supply is tight but does not warrant the release of stockpiles from the world's top industrialized nations, the International Energy Agency's executive director said on Sunday.
* Further downward pressure on prices came from Nigeria, where militants in the southern Niger Delta announced a unilateral ceasefire on Sunday after an appeal by community elders.
The militants' campaign of sabotage has cut oil output by about 40 percent in the world's eighth-largest crude exporter.
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Diary of upcoming energy news and events <O/DIARY> (Reporting by Fayen Wong)
