Saudi Arabia said Thursday it planned to increase daily oil output by 200,000 barrels per day, according to a statement posted on the country''s London embassy website. "Saudi Arabia recently announced a plan to increase oil output by 200,000 barrels per day," the statement said, ahead of a weekend meeting of consumers and producers in Jeddah to discuss sky-high crude prices.
"Oil prices subsequently fell further yesterday (Wednesday) from record highs of almost 140 dollars a barrel last week." The statement confirmed comments on Sunday from UN Secretary General Ban Ki-moon, who said that Saudi Arabia had told him it would increase its oil output by 200,000 bpd in July.