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Saudi Arabia to Raise Production

For the highest production rate since 1981, the Saudi King Abdullah says the Saudis will increase daily oil production to 9.7 million barrels from 9 million barrels. The increase is supposed to take place in July.

Petroleum minister, Ali I. Al-Naimi, also said the government would invest in oil projects that would allow Saudi Arabia to produce 12.5 million barrels/day by the end of the year.

King Abdullah’s remarks came at the end of the Jeddah energy summit, where he also called for OPEC to set aside $1 billion for a strategy to ease the oil price crisis. He said $500 million should be given to developing nations to help them get the energy they need.

King Abdullah said there are “many factors that made oil prices high.” Along with increased demand, he also cited oil speculators and an increase in taxes in consumer nations.

US says lagging production, they say speculators are the source of the problem. You be the judge.

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