Saudi plans big oil output increase as OPEC meets

By REUTERS
June 7, 2011 14:06

 
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VIENNA - Saudi Arabia is planning to lift oil output sharply in June, whatever policy OPEC adopts this week, in an effort to rein in high fuel prices.

Riyadh expects to lift production by more than 500,000 barrels a day in June to its highest for three years, a senior Gulf industry official familiar with Saudi oil policy told Reuters.

Worried about the impact on economic growth of inflated energy costs, Saudi is prepared to act alone to keep a lid on prices now at $114 a barrel for benchmark Brent crude.

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