'Saudi Arabia agrees to increase oil production by 0.5m barrels per day'

Following the crude oil price crisis around the world, Saudi Arabia has agreed to increase its production by half a million barrels per day, Army Radio reported Saturday. Riyadh had agreed to increase production following pressures by the United States and several European countries, the station reported. The report stated that the increase in production, slated to begin next month, may not only halt the spiraling hike in prices, but even might lower oil prices.