Saudi Arabia to boost oil output
WASHINGTON, D.C. (July 6, 2000) — Saudi Arabia has reportedly pledged to increase its crude oil production by 500,000 barrels a day to bring prices down from their current $30-a-barrel level.
The announcement comes just after the U.S. national average of diesel prices jumped more than 2 cents a barrel this week to $1.453 — the highest price spike since March.
The Saudi’s action follows last months’ vote by the Organization of Petroleum Exporting Countries to increase oil production by 708,000 barrels a day.
However, Saudi Arabia, the world’s largest crude oil producer, said it will decrease production if prices drop below $25-a-barrel.
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