Minister: Saudi Arabia can increase oil production

JIDDAH, Saudi Arabia – Saudi Arabia is willing to produce more oil if customers need it, the kingdom’s oil minister said Sunday without citing any specific output increase.

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


The kingdom already announced modest increases and said it would pump 9.7 million barrels a day beginning in July. But those increases have not done much stem the skyrocketing price of oil, which closed near $135 a barrel on Friday.

It was unclear if Oil Minister Ali al-Naimi’s remarks Sunday at a high-level oil summit in the port city of Jiddah would quell concerns.

AP