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| Version 1 | Version 2 |
|---|---|
| Saudi oil output to rise in July | Saudi oil output to rise in July |
| (about 4 hours later) | |
| Saudi Arabia will increase its oil production by 200,000 barrels a day next month in a move to meet growing world demand, the United Nations says. | Saudi Arabia will increase its oil production by 200,000 barrels a day next month in a move to meet growing world demand, the United Nations says. |
| The news was announced after UN Secretary General Ban Ki-Moon met Saudi Oil Minister Ali al-Naimi in Jeddah for talks on the high oil price. | The news was announced after UN Secretary General Ban Ki-Moon met Saudi Oil Minister Ali al-Naimi in Jeddah for talks on the high oil price. |
| Last month, the Kingdom increased its production by 300,000 barrels a day. | Last month, the Kingdom increased its production by 300,000 barrels a day. |
| The country is thought to be the only oil producer with the ability to pump substantially more crude. | The country is thought to be the only oil producer with the ability to pump substantially more crude. |
| It argues that the current high prices are caused by speculators rather than any shortage of crude oil. | It argues that the current high prices are caused by speculators rather than any shortage of crude oil. |
| Oil prices fell by almost $2 on Friday after reports that Saudi Arabia might boost oil production. US light, sweet crude was trading at $134.86 in New York. | Oil prices fell by almost $2 on Friday after reports that Saudi Arabia might boost oil production. US light, sweet crude was trading at $134.86 in New York. |
| 'Speculative factors' | 'Speculative factors' |
| After an earlier meeting with the Kingdom's King Abdullah, Mr Ban said Saudi Arabia, the world's biggest oil producer, viewed current prices as "abnormally high". | After an earlier meeting with the Kingdom's King Abdullah, Mr Ban said Saudi Arabia, the world's biggest oil producer, viewed current prices as "abnormally high". |
| The price of oil keeps on rising | |
| "He [King Abdullah] acknowledged that the current oil prices are abnormally high due to speculative factors and some other national government policies," Mr Ban said. | "He [King Abdullah] acknowledged that the current oil prices are abnormally high due to speculative factors and some other national government policies," Mr Ban said. |
| "He is willing to what he can to [bring] the price of oil to adequate levels." | "He is willing to what he can to [bring] the price of oil to adequate levels." |
| On Friday, the Saudi oil minister said current elevated oil prices - which hit a record high of more than $139 (£71) a barrel last week - were unjustified. | On Friday, the Saudi oil minister said current elevated oil prices - which hit a record high of more than $139 (£71) a barrel last week - were unjustified. |
| Oil minister Ali al-Naimi said a meeting of oil exporters and importers to be held in Jeddah later this month would seek a solution to the unprecedented high prices, the Saudi state news agency said. | Oil minister Ali al-Naimi said a meeting of oil exporters and importers to be held in Jeddah later this month would seek a solution to the unprecedented high prices, the Saudi state news agency said. |
| The Kingdom is hosting an international gathering of oil producers and consumers in a week's time. | The Kingdom is hosting an international gathering of oil producers and consumers in a week's time. |