June 24, 2008

World News Bulletin: Saudi Arabia Agrees to Pump More Oil

SAUDI Arabia is willing to produce more oil if customers need it, the kingdom's oil minister said yesterday.

Saudi Arabia, the world's largest oil exporter, has been under intense pressure from the US and other oil consumers to increase its crude output to help slow the soaring price of oil.

British Prime Minister Gordon Brown called for future commitments from producers for increased oil and gas supply but urged all countries should improve energy efficiency and develop alternative sources of energy, including nuclear power.

Saudi Arabia has already announced modest increases and said it would pump 9.7m barrelsaday beginning in July. But this has not stemmed the skyrocketing price of oil.

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