Kuwait today announced it had discovered natural gas for the first time, in commercial quantities, as well as a new light oil.

A new storm bearing down on the Gulf coast of the United States revived jitters over winter fuel supplies and pushed oil prices sharply higher today.

OPEC will probably raise its output ceiling this week in an attempt to rein in near-record oil prices, but refining bottlenecks will continue to drive the market and make any potential hike nothing more than a symbolic gesture.

OPEC’s president said today that the group needs to increase its output ceiling now despite oversupply in the crude oil market, and may need to act again as US refineries come back on line and the Northern Hemisphere’s winter looms.