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Brent crude premium to Dubai at 6.5 year high

Oil output constraints in the North Sea, Nigeria and Libya sent the premium of European benchmark Brent crude over Middle East marker Dubai to its widest level in six-and-a-half years on Tuesday as Saudi Arabia raises production and cheapens OPEC supplies.

The Brent/Dubai Exchange of Futures for Swaps (EFS) jumped 70 cents to $8.40 a barrel at 0430 GMT, Reuters data showed.

That is the highest level since December 2004, when a glut of heavy sour crude depressed the relative value of exports from producers including Saudi Arabia, Kuwait, the UAE, Iran, Iraq, Qatar, Venezuela and non-OPEC Mexico.

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