Saudis Bumping Oil Flow 2% to Slow Soaring Prices

July increase adds 200,000 barrels a day to pipeline
By Jim O'Neill,  Newser User
Posted Jun 16, 2008 7:02 AM CDT
A man works through a dust storm on a new oil well being drilled in the Sakhir desert, Bahrain.    (AP Photo/Hasan Jamali, File)
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(Newser) – Saudi Arabia, worried soaring prices could weaken the world's appetite for oil, will increase production by 200,000 barrels a day, beginning next month, the Saudi oil minister told UN chief Ban Ki-moon in a meeting yesterday. The move follows a May increase of 300,000 barrels, the AP notes.

The boost, which will raise Saudi Arabia's daily production by about 2%, is significant, the AP notes, but may be seen as marginal. The New York Times Saturday reported that the Saudis were planning to announce a more robust increase in output of 500,000 barrels a day after a June 22 meeting.