Saudi Arabia to raise production capacity
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Saudi Arabia is raising its oil production capacity in an effort to cool the red-hot crude futures market. The world&#39;s largest oil exporter says it will raise capacity from 9.5 million barrels a day to 11 million barrels.
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Saudi Oil Minister Ali al-Naimi said on  Sunday that the rise in oil prices to a record high had been  determined by market forces.
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Saudi Arabia is urging global oil stocks be increased before the world&#39;s crude oil cartel consider cutting output. Members of the Organization of Petroleum Exporting Countries
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The Organization of Petroleum Exporting Countries (OPEC) decided on Wednesday to raise its oil production quota by one million barrels a day from Nov. 1 in a step to soothe market nerves over climbing oil prices.
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Leading OPEC producer Saudi Arabia said  on Monday it had made a renewed effort to deflate record high  world oil prices by upping crude output again.
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Saudi Arabia sought to regain some control of oil markets Tuesday, promising to make available 800,000 barrels a day of new oil by the end of the month and to keep pumping crude vigorously.
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Saudi Oil Minister Ali al-Naimi said in Abu Dhabi yesterday that his country was ready to meet rising demand for crude oil to ease the surge in world prices.
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Saudi Arabia&#39;s oil minister Ali Naimi said Monday that the &quot;fear factor&quot; over supplies has added $10 to $15 a barrel to the price of oil and reiterated that his country is working toward lifting its sustainable oil production capacity.
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Saudi Arabia, the worldâs largest oil exporter, will raise production from 9.5 million barrels a day to 11 million barrels. An Oil Ministry official said the increase would go into effect within weeks.
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Saudi Arabia's oil minister Ali Naimi said his country is working toward lifting its sustainable oil production capacity to 12.5 million barrels a day, and added that the "fear factor" over supply has increased the oil price by &#36;10-&#36;15 a barrel.
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VIENNA: Opec is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said yesterday.
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LONDON - Oil prices hovered near $50 per barrel Tuesday after a Saudi Arabian oil official said the world's largest petroleum exporter would raise its production capacity by nearly 5 percent in a bid to calm markets.    Light sweet crude for November delivery was up 16 cents at $49.80 per barrel in late morning trading on the New York Mercantile Exchange, retreating from the $50.47 high reached in overnight electronic trade...
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OPEC's top producer Saudi Arabia on Wednesday questioned the need for the cartel to bolster oil prices by cutting supply, saying the kingdom would keep crude output at current high levels as long as customers wanted it.
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The Saudi oil minister inaugurated a new production plant on Sunday and renewed the largest oil exporter&#39;s support for stable prices by noting that Saudi Arabia was maintaining about two million barrels in spare output capacity.
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Organization of Petroleum Exporting Countries (OPEC) ministers agreed to increase the cartel&#39;s official daily production quota by one million barrels.
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OPEC is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said on Tuesday.
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Iraq is planning to spend more than $1 billion in 2005 to boost its oil production capacity by about 15 percent to 3.25 million barrels a day, an Iraqi official said.