Saudi Arabia May Increase Oil Output to Help Ease PricesBy VOA News
15 June 2008
Saudi Arabia, the world's largest oil exporter, may further increase oil output to help ease prices that have soared to record highs recently.
News reports vary on the details of the possible action.
The French news agency, AFP quotes United Nations chief Ban Ki-moon as saying the Saudis "will do what they can" to bring prices down. He spoke to reporters in Jeddah Sunday after meeting on Saturday with Saudi King Abdullah.
The kingdom already has raised output 300,000 barrels a day, which moved its output to 9.45 million barrels a day.
A story by Reuters quotes oil industry sources as saying the Saudis are "poised" to boost production further.
The Bloomberg financial news service says the Saudis may announce increased production at a meeting they are hosting on June 22. Major producers and consumers of oil are invited to the gathering.