BREAKING NEWS

Saudi to push OPEC to lift oil output, cut prices

By REUTERS

JUNE 5, 2011 21:12

VIENNA - Gulf Arab OPEC members led by Saudi Arabia will push for an increase in supplies at a meeting of the oil cartel this week in an effort to support flagging world economic growth by bringing crude prices back below $100 a barrel.

Data indicating that economic recovery may be stalling in the West is worrying OPEC's core Gulf members Saudi Arabia, Kuwait and the United Arab Emirates.

Saudi and its fellow Gulf producers will argue that oil prices are undermining the economic growth that fuels demand for OPEC crude and that more supply is needed to balance demand in the second half of the year.

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