AS THE price of South African petrol increases by six cents a litre this week, the international crude price continues to soar. Overheated oil markets roared higher still at the beginning of the week as dealers grew convinced that any OPEC supply increase agreed at an imminent policy meeting would fail to tame runaway prices. London Brent crude for October has moved 61 cents higher to $32.46 a barrel, stretching well past the $30 mark oil consumers the world over regard as extortionate. There is some hope OPEC power Saudi Arabia would make a more definite commitment to cool off oil prices during a meeting in New York this week between Crown Prince Abdullah and President Bill Clinton. The United States, the world’s biggest oil consumer, prefers to see oil prices around $25 a barrel, a price target shared with Saudi Arabia. OPEC President and Venezuelan Oil Minister Ali Rodriguez expressed confidence that the oil cartel would move to curb high oil prices, but said consuming nations also had a duty to contribute to market stability. – Reuters