ABU DHABI Ñ Saudi Arabia has been pumping up to 10 million barrels per day of oil and related products to stabilize oil prices, which hit a record $45 per barrel earlier this week.

Saudi Oil Minister Ali Al Naimi said the kingdom has been increasing output since May to meet the growing demand for Saudi oil. He said Riyad has raised its oil output from more than eight million barrels per day to more than 9.3 million barrels per day.

"When the production of condensates and gas liquids is added, the production of Saudi crude averaged to 10 million barrels daily," Al Naimi was quoted by the Saudi Press Agency as saying.

"The kingdom is well prepared to meet all the requirements of the international oil companies if they need additional volumes, relying on its surplus production capacity of more than 1.3 million barrels daily, which could be used immediately if required," the minister added.