June 14, 2008
Saudi Arabia Plans to Increase Output
Saudi officials have advised oil traders and analysts they plan to increase output by 500,000 barrels a day next month, The New York Times reported Friday.
Saudi Arabia's current output is 9.45 million barrels a day, up 300,000 barrels from last month. The proposed increase would bring output to 10 million barrels, the highest ever for the world's largest oil exporter.
The price of oil dropped Friday by $1.88 a barrel to $134.86.
Ibrahim al-Muhanna, an adviser at the Saudi petroleum ministry, said his country wants to bring back stability to the oil market.