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Last update - 09:34 14/06/2008 Report: Saudis to up oil output in bid to stave off global crisis By Reuters Tags: Saudi Arabia, oil Saudi Arabia plans to increase its oil output in July by some half-million barrels a day, a sign the country is growing concerned about the impact of high crude prices on the global economy, The New York Times reported. Citing analysts and oil traders briefed by Saudi officials, the Times said in its Saturday editions the plans by the world's largest oil exporter had been privately disclosed recently by Saudi officials. The analysts declined to be identified for fear of being cut off from information from the Saudis in future. "We would welcome any and all increases in oil production, including from Saudi Arabia," White House spokesman Tony Fratto told the newspaper. U.S. President George W. Bush pressed for increased production in two visits to Saudi Arabia earlier this year. Advertisement Ibrahim al-Muhanna, an adviser at the Saudi Petroleum Ministry, declined to comment on the production increase, the Times said, although he noted Saudi Arabia was uncomfortable with oil prices, saying, "Our goal is to bring back stability to the oil market." The increase, which the Times said may be made public as early as next week, could put the Saudis' output at 10 million barrels a day, which would be its highest-ever output if sustained, the Times said. The current level is 9.45 million barrels daily. The move was seen as an indication Saudi Arabia was nervous about the political and economic impact of higher oil prices, the report added, with oil demand dropping in developing countries, including the United States. Oil prices have risen 40 percent to nearly $140 a barrel this year, causing record U.S. gasoline prices, and some analysts forecast $200 a barrel prices this year. "This clearly represents the biggest test for them," the newspaper quoted John Kilduff, a senior vice president at the brokerage firm MF Global, as saying, as the move could backfire if investors fail to respond to the extra supplies. Bookmark to del.icio.us   Snoop Dogg in Israel American rapper Snoop Dogg slated to perform in Ramat Gan. Late date Scientists revive 2,000-year-old date seed found at Masada.   1.   No Effect 09:46  |  Fritz 14/06/08   2.   Saudi increase = less than 1% of 10:16  |  spyguy 14/06/08   3.   For Fritz # 1 11:40  |  Clickfool 14/06/08   4.   AMERICA SHOULD TAKE SAUDI OIL FIELDS 14:24  |  petra 14/06/08   5.   PETRA: the Saudi oil fields 75% owned privately by Royal Family 15:16  |  AliciaYasmeen 14/06/08   6.   Sorry, Petra- we forgot # 4 15:24  |  Clickfool 14/06/08   7.   #3 Clickfool ever the fool 15:36  |  Sidney 14/06/08   8.   Speculators are there but of minimal significance 17:32  |  Brad 14/06/08   9.   IRAN HAS THE POWER 17:35  |  Arik Silverman 14/06/08   10.   spyguy, what will be decisive? Economics or Religion? 18:01  |  Mark B. 14/06/08   11.   Wallstreet Mafia 18:29  |  Dav 14/06/08   12.   Something has to give, and very very soon! 18:32  |  Who can tell us 14/06/08   13.   Spyguy Thinks it will stop there. 19:43  |  Realist 14/06/08

Read & React Rice: Settlement building may harm Israel-PA talks Responses: 73 Gideon levy: Europe's hatred of Muslims makes it back Israel despite occupation Responses: 15 Olmert aides: Israel and Syria may hold direct talks soon Responses: 161 Zvi Bar'el: For Gaza quiet, Israel must be willing to work with Fatah-Hamas gov't Responses: 1 Rosner's Domain Judaism's swing vote: what to do with Jewish singles? What to make of the Journals of Rachel Corrie? (WTR) Poll: When should Israel have elections? Bobby Kennedy and the history of pro-Israel candidates NJDC: McCain's advisor soft on Iran (WTR) More Headlines 12:09 Olmert: Decisions on Gaza unaffected by political considerations 12:28 Rice: Settlement building may harm Israeli-Palestinian talks 09:55 Olmert aides: Israel and Syria may hold direct talks soon 09:55 Couple, infant daughter killed in Western Galilee car accident 12:32 Programming for peace / Israeli high tech companies outsource to West Bank 12:30 Epiphany in a Spanish neo-Nazi bookstore 11:34 Rights group: Shin Bet lied about interrogations 01:17 Ramon: Barak ultimatum to Olmert will result in Likud takeover 09:33 IDF activates warning system meant to spot mortars from Gaza 09:13 Children seized after daughter comes to school bearing swastika mark 12:33 Number of people denied entry into Israel up 61 percent since 2005 Previous Editions Select Day 13 jun 12 jun 11 jun 10 jun 09 jun 08 jun 06 jun 05 jun 04 jun 03 jun 02 jun 01 jun

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