Saudi Arabia pledges to boost oil output

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Source: CCTV.com | 06-23-2008 09:30

In a news conference after the meeting, Saudi Arabia's oil minister Ali Naimi pledged to pump even more oil in the future, in response to the request of consumer countries.

Saudi Arabia's oil minister Ali Naimi pledged to pump even more oil in the future, in response to the request of consumer countries.

Saudi Arabia's oil minister Ali Naimi said, "The Kingdom is prepared to make additional quantities of crude oil available to the market, should our customers tell us they need to lift those additional barrels. At the same time, we are continuing our work to break further crude oil increments on-stream and to raise our maximum sustained production capacity which will reach 12 and a half million barrels per day at the end of next year."

The oil minister from Kuwait, the world's fourth largest oil exporter, made a similar promise. But other OPEC members said that alone would not be enough to calm a market driven to almost a 140 US dollars a barrel last week.

Editor:Zhang Ning