WASHINGTON - U.S. Energy Secretary Sam Bodman said Monday he could not confirm talk of a 500,000-barrel-per-day increase in oil production by Saudi Arabia, but said he would welcome the move.
United Nations chief Ban Ki-moon said over the weekend that Saudi Arabia, the world's biggest oil exporter, was set to increase output to 9.7 million barrels per day in July, its second supply boost in as many months.
Speaking with reporters, Bodman said Saudi Arabia's oil minister, Ali al-Naimi, had not confirmed any plans for an output boost.
"I don't know. I have not heard it committed to by Ali Naimi," Bodman said.
But, if true, the kingdom's plan to boost output to its highest monthly rate since August 1981 would be a "meaningful gesture," Bodman said.
U.S. crude oil prices hit a record $139.89 a barrel on Monday.
Saudi Arabia, the de facto leader of the Organization of Petroleum Exporting Countries, has invited producers and consumers to meet in Jeddah this weekend, responding to the growing protests from consumers over record oil prices that could threaten the health of the global economy.
Oil prices have doubled in the past year and have risen 40 percent this year, boosted by expectations that supply will struggle to meet demand from emerging industrial countries such as China and India.
United Nations chief Ban Ki-moon said over the weekend that Saudi Arabia, the world's biggest oil exporter, was set to increase output to 9.7 million barrels per day in July, its second supply boost in as many months.
Speaking with reporters, Bodman said Saudi Arabia's oil minister, Ali al-Naimi, had not confirmed any plans for an output boost.
"I don't know. I have not heard it committed to by Ali Naimi," Bodman said.
But, if true, the kingdom's plan to boost output to its highest monthly rate since August 1981 would be a "meaningful gesture," Bodman said.
U.S. crude oil prices hit a record $139.89 a barrel on Monday.
Saudi Arabia, the de facto leader of the Organization of Petroleum Exporting Countries, has invited producers and consumers to meet in Jeddah this weekend, responding to the growing protests from consumers over record oil prices that could threaten the health of the global economy.
Oil prices have doubled in the past year and have risen 40 percent this year, boosted by expectations that supply will struggle to meet demand from emerging industrial countries such as China and India.
