DUBAI (AFP) — Saudi Arabia could decide to raise its crude output to 10 million barrels per day (bpd) when it hosts a June 22 meeting of oil producers and consumers, a specialist newsletter said on Friday.
The OPEC kingpin is currently producing 9.45 million bpd after announcing an increase of 300,000 bpd last month following a visit by US President George W. Bush.
"A sizeable additional increase, at the levels MEES understands are being considered, would put production up at near record levels of around 10 million bpd," the weekly newsletter said.
Saudi Arabia is organising the oil talks in the Red Sea city of Jeddah after crude struck a record high of nearly 140 dollars a barrel last week, stoking fears of surging global inflation and weaker economic growth.
The Middle East Economic Survey, in its latest issue, quoted a senior advisor to Saudi Oil Minister Ali al-Nuaimi as saying the surge in prices was unacceptable to the kingdom.
"When you see the increase in price and these gyrations -- 11 dollars a barrel in one day -- this is unacceptable to us," Ibrahim al-Muhanna said.
"This could hurt the global economy and even the long-term interest in oil," Muhanna said, but declined to comment on what actions the kingdom would propose at the Jeddah meeting.
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