Top world oil exporter Saudi Arabia today confirmed it had raised output sharply over the past three months in a bid to prevent high prices damaging world economic growth.
Saudi Oil Minister Mr Ali al-Naimi said Riyadh had averaged 9.3 million barrels per day (bpd) of crude during that period in a bid to cool world prices and vowed to raise supplies to meet any extra demand.
In a statement, Mr Naimi said that represented an increase of 1 million barrels daily. He said demand for Saudi crude in September would be "more than 9.3 million barrels daily and it will be met in full with no exclusions or reductions.
"The kingdom of Saudi Arabia, in collaboration with the other OPEC countries, endeavours to ensure the stability of the international ol market and prevent prices from escalating in a way that may negatively effect the world economy or oil demand," the minister's statement said.
In addition to the 9.3 million of crude, Saudi was also pumping 700,000 bpd of light condensates and gas liquid, he added. Those extra volumes are not counted under OPEC quota restrictions.
Mr Naimi said the kingdom could immediately tap spare production capacity of more than 1.3 million bpd if needed.