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Oil and Gas

Saudis Boost Oil Output: Ministry Sources

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Published: Tuesday, 10 Jun 2008 | 9:42 AM ET
By: Melissa Frances

Saudi Arabia's oil output increased by almost 500,000 barrels a day this quarter, to 9.54 million barrels, sources in the Saudi Oil Ministry told CNBC.

The current oil prices are unreasonable and unacceptable, the sources said, adding that no date has been set for a meeting between producing and consuming countries.

Oil prices retreated after the exclusive CNBC report.

Earlier in the day, OPEC member Kuwait said it backed Saudi Arabia's call for a meeting of oil consumers and producers to discuss high prices. OPEC's second-largest oil producer Iran also welcomed the Saudi proposal.

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Saudi Arabia's oil output increase by almost 500,000 barrels a day this quarter, to 9.54 million barrels, CNBC has learned from sources in the Saudi Oil Ministry.

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