Oil minister: Saudi willing to increase crude output (AP)

Courtesy Ytop stories  Sun, 06/22/2008 - 5:55pm

U.S.<br /><br />Energy Secretary Samuel Bodman, right, meets Saudi King Abdullah in Jiddah, Saudi Arabia, on Sunday, June 22, 2008.<br /><br />King Abdullah said Sunday that Saudi Arabia was not to blame for soaring oil prices and instead pointed his finger at speculators, high fuel taxes in consuming countries and increased oil consumption in developing economies.<br /><br />The king, who opened a high-level oil summit in the port city of Jiddah, said his kingdom the world's largest oil exporter had already increased its production (AP Photo/Hasan Jamali)AP - Facing strong U.S. pressure and global dismay over oil prices, Saudi Arabia said Sunday it will produce more crude this year if the market needs it.

But the vague pledge fell far short of U.S. hopes for a specific increase and may do little to lower prices immediately.



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