Saudi Crown Prince Says his Country is Ready to Increase Oil Output
Saudi Crown Prince Abdullah bin Abdel Aziz announced in Brasilia Monday that his country was ready to increase oil output to control the price of crude oil.
If necessary, the crown prince said, Saudi Arabia could increase output "immediately" to counter record high oil prices.
Crude oil prices rose to a series of new 10-year highs Monday amid worries that production would fail to keep up with demand despite last week's pledge by OPEC to pump more oil if needed.
In New York, the price of light sweet crude for October delivery briefly topped 37 dollars a barrel before settling to 36.88 dollars, a jump of 96 cents from Friday's closing price.
In London, the price of benchmark Brent North Sea crude oil climbed to 34.80 dollars a barrel.
Both prices were the highest level since prices breached 40 dollars a barrel during the 1990 Gulf War -- BRASILIA (AFP)
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