Saudi Arabia To Increase Oil Production

Saudi Arabia To Increase Oil Production (Added: June 22, 2008)

Saudi King Abdullah says production isn't the reason for high gas prices in the U.S. (more)

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Saudi King Abdullah says production isn't the reason for high gas prices in the U.S.

By: Michael Snowden | WKRG-TV
Published: June 22, 2008

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JIDDAH, Saudi Arabia (AP) - Saudi Arabia says it's willing to
produce more oil if its customers need it.
But Saudi King Abdullah has told those gathered at an oil summit
he hosted today that recent production levels aren't why prices
have climbed so high.
His statement came even as U.S. and other oil consumers pressure
the Saudis to increase output. Modest increases will begin in July,
though that hasn't affected prices yet.
The king says he blames speculators, high fuel taxes in
consuming countries and increased oil consumption in developing
economies.
A final statement from the summit says it's important to find
the right supply and demand balance, while also making the markets
trading oil more transparent.