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November 22, 2008 10:05:37 CST

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Saudis Bumping Oil Flow 2% to Slow Soaring Prices

Posted Jun 16, 08 7:02 CDT in Business,  World 

(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.

Source Associated Press

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A man works through a dust storm on a new oil well being drilled in the Sakhir desert, Bahrain.   (AP Photo/Hasan Jamali, File)
A pumping unit sucks crude oil from the ground near Manhattan, Kan.   (AP Photo/Charlie Riedel, file)
An oil pump bobs up and down in the Sakhir, Bahrain.   (AP Photo)
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