Saudi Arabia, the world’s largest oil exporter, will increase crude production in June in response to rising demand from its customers and a request by U.S. President George W. Bush to ease the strain of soaring oil prices.

According to Bloomberg, a business news-wire service, “the country will raise output by 300,000 barrels a day to 9.45 million barrels a day in June, Saudi Oil minister Ali al-Naimi said in Riyadh today, following a meeting between Bush and Saudi Arabia’s King Abdullah. Earlier today, U.S. National Security Adviser Stephen Hadley said the Saudi policy was to supply extra oil only if customers needed it.”

Due to surging demand, supply disruptions in places such as Nigeria and commodity purchases by investors as a hedge against a weakening U.S. dollar; oil prices have doubled in the past year, which threatens to accelerate inflation and curb economic growth.

To read the entire article from Bloomberg, link here:

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