Saudis willing to boost oil production but fail to give details

SAUDI ARABIA is willing to produce more oil if customers need it, the kingdom’s oil minister said yesterday, without citing any specific output increase.

Saudi Arabia, the world’s largest oil exporter, has been under intense pressure from the US and other oil consumers to increase its crude output to help slow the soaring price of oil.

The kingdom has already announced modest increases and said it would pump 9.7 million barrels a day, beginning in July. But those increases have not done much to stem the skyrocketing price of oil, which closed near $135 a barrel on Friday.