Saudis to soothe oil fears with 37% production boost
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The current oil price boom is &quot;significantly&quot; different from the politically driven price spikes of the 1970s, Saudi Arabia&#39;s energy minister said in London yesterday.
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OPEC was meeting on Tuesday to consider a modest rise in oil output proposed by Saudi Arabia and other Gulf Arab states in a gesture to consumers worried by the economic impact of $77 oil and rapidly diminishing stocks.
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Leading OPEC producer Saudi Arabia said on Monday in Vienna, Austria, that it had made a renewed effort to deflate record high world oil prices by upping crude output again.
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Top oil exporter Saudi Arabia vowed on Sunday to maintain spare oil production capacity of 1.5 to 2 million barrels per day and said it was prepared to hike output to meet customer demand.
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Saudi Arabia says it is ready to push an extra 1.3 million barrels a day of oil into the market, to help reverse surging prices.
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A meeting of the oil producers' group in Vienna will consider whether to boost output to rein in price rises, Saudi officials say.
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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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Declaring that high oil prices are a threat to the global economy, the world&#39;s industrialized countries urged producers Friday to provide price relief by boosting supplies.
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Crude oil rose as reports of an explosion in Saudi Arabia&#39;s capital, Riyadh, boosted concern about security of oil facilities in the world&#39;s biggest oil exporter.
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Saudi Arabia Oil Minister Ali Naimi said today he&#39;s not concerned about a sharp further fall in the price of oil, saying prices remain relatively high.
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LONDON - The worldâs oil refiners are unimpressed by Saudi Arabiaâs boost to production capacity that would only swell supplies of sour, high sulphur crude while they hanker for sweet oil.
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Saudi Arabia&#39;s Oil Minister Ali Naimi said the kingdom has raised its capacity to 11 million barrels per day. Kuwait&#39;s Oil Minister Sheikh Ahmad Fahad Al Sabah called on OPEC
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OPEC ministers yesterday agreed to increase their ceiling for oil production to help bring down stubbornly high prices in a decision that traders and analysts
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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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OPEC vowed Sunday to do what it can  to deflate record high oil prices that have soared above $53 a  barrel, and top exporter Saudi Arabia promised to keep the  world supplied with as much oil as it needs.
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Top oil exporter Saudi Arabia vowed  Sunday to guarantee world crude supplies and said it would hold  1.5-2.0 million barrels per day of spare production in reserve.
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ABU DHABI - Opec vowed yesterday to do what it can to deflate record high oil prices that have soared above $53 a barrel, and top exporter Saudi Arabia promised to keep the world supplied with as much oil as it needs.