Saudi Arabia is ready to produce more oil

A saudi Arabian official said yesterday that his country's supplies of oil to the markets reache 9.1 million barrels daily and it is ready to increase the production in July if clients ask and the markets require that, while one barrel of oil reduced in New York Bource on Monday to reach 38.27 dollar.

Riyadh had vowed to increase its oil production of 700,000 Barrels of oil daily in June regardless to what will be agreed by OPEC on production shares.

The official said "we have actually reached 9.1 million barrels in June for the local and world markets.. So far no request was not met.. but if the market needs more oil we are ready to deliver it." However, world oil prices started to be reduced after OPEC last week agreed to increase the ceiling of official production at two million barrels a day as from July and additional 500,000 barrels as from August. The official said that the kingdom puts into its account preserving balance in world markets.