Saudi Arabia to boost oil output in exchange of international cooperation

25-May-05

OPEC kingpin Saudi Arabia, the world's top oil producer is ready to boost its output as long as there is international cooperation to secure market stability. The Department of Energy's (DoE) report for the week ended May 13 showed that crude stocks rose 4.3 mln barrels to a six-year high of 334 mln barrels. The crude stocks as per weekly data released, are predicted to show a rise of 1.2 mln barrels. Gasoline stockpiles also exceeded expectations, with the DoE reporting a rise of 1.1 mln barrels over the week to 214.8 mln, far more than the 800,000 barrels projected Rising US crude levels have been helped by the Organisation of Petroleum Exporting Countries (OPEC) producing over 30 mln bpd -- its highest production level for 25 years. Oil prices, meanwhile, were slightly higher in late morning trade, as the market waited for the latest report on US inventories. New York's main contract, light sweet crude for delivery in July, stood at US$ 49.70 a barrel .