Increased Oil Production

23 06 2008

Saudi Arabia will increase its daily oil production to 9.7 million barrels from 9 million to counter the sharp rise in international oil prices, Saudi King Abdullah said Sunday.

The country’s petroleum minister, Ali I. Al-Naimi, said that the increase will take place in July.

It would be Saudi Arabia’s highest production rate since 1981.

Al-Naimi also said the government will invest in oil projects that would allow the nation to produce 12.5 million barrels per day by the end of the year.


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