06/30/2008 05:12 am ET Updated May 25, 2011

Saudi Arabia: We Have Increased Oil Production

Saudi Arabia has increased its daily oil production to 9.7 million from 9 million barrels in a move to counter the sharp rise in international oil prices, Saudi King Abdullah said Sunday.

King Abdullah's announcement came at the end of the Jeddah energy summit, where he also called for OPEC to set aside $1 billion for a strategy to ease the oil price crisis.

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