Oil and Gas Prices Fall as Saudi Arabia Moves to Increase Output

Jun. 10, 2011 05:59PM PST

L.A. Times reports that oil and gas prices declined on concern that Saudi Arabia may increase its oil production by as much as 13%.

The market news is quoted as saying:

Saudi Arabia may increase its oil production by as much as 13% in coming days, a Saudi newspaper reported Friday. The word came just two days after the Organization of the Petroleum Exporting Countries snubbed a Saudi call to raise production quotas to reduce prices and help boost the global economic recovery.

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