The story

Saudi King Abdullah confirmed Sunday that his country will increase daily oil production from 9 million barrels to 9.7 million in the near future to counter the sharp rise in international oil prices.

The Saudi petroleum minister, Ali I. Al-Naimi, said the country will reach the 9.7 million level by July. The announcement comes after Saudi officials announced modest increases.

It would be Saudi Arabia's highest production rate since 1981. Read full article »

All About Oil Prices • Oil Production and Refining • Saudi Arabia