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Tuesday, June 14, 2011     FOR YOUR EYES ONLY

Saudis plan significant oil output boost in July

ABU DHABI — Saudi Arabia is prepared to increase its crude oil output.

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The Saudi-owned Al Hayat newspaper said Riyad intends to raise oil production to 10 million barrels per day in July. Al Hayat, owned by the Saudi royal family, said oil output would rise from the current 8.8 million barrels per day achieved in May.

The June 10 report was published in wake of the failure by OPEC to raise oil production.

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The meeting in Vienna was said to have been acrimonious, with Algeria, Iran and Venezuela in opposition to a production increase.

Industry sources confirmed the Al Hayat report and said Saudi Arabia has won agreement from its Gulf Cooperation Council allies to increase oil production.

The sources cited Kuwait and the United Arab Emirates, the largest oil producers after Riyad in the GCC.

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