Saudi Arabia said on Saturday that it was substantially increasing oil production in an effort to cool down rising prices and head off potential future shortages.

Khalid al-Falih, the Saudi energy minister, told journalists at the headquarters of the Organization of the Petroleum Exporting Countries here that Saudi Aramco, the national oil company, was already in the process of ramping up production to increase exports from Saudi ports in July. “Ships have been scheduled, and it will be hitting the markets, I assume, in August,” he said.

While declining to give a specific number, Mr. Falih said the kingdom would be increasing output by “hundreds of thousands, not tens of thousands, of barrels” — a substantial amount.
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Source: Ny Times
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