Sunday, 15 June 2008

Saudi Oil Output to Rise in July

Photo of the Saudi Oil Minister, Ali al-Naimi, courtesy of the BBC

BBC: Saudi Arabia will increase its oil production by 200,000 barrels a day next month, its oil minister has told the United Nations.

The news was announced after UN Secretary General Ban Ki-Moon met Saudi Oil Minister Ali al-Naimi in Jeddah during a one-day visit on Sunday.

Last month, the Kingdom increased its production by 300,000 barrels a day in an attempt to bring down high prices.

It argues soaring prices are caused by speculators rather than oil shortages.

Oil prices fell by almost $2 on Friday after reports that Saudi Arabia might boost oil production. US light, sweet crude was trading at $134.86 in New York.

Speculative factors

After an earlier meeting with the Kingdom's King Abdullah, Mr Ban said Saudi Arabia, the world's biggest oil producer, viewed current prices as "abnormally high". Saudi Oil Output to Rise in July >>> | June 15, 2008

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