The country's volume of marketable oil held back from such attacks is now between 900,000 and 1 million barrels a day, the official added. U.S. oil company Chevron Saturday became the second oil major in as many days to confirm that it has been forced to shut in production at a Nigerian oil production facility, after militants attacked a pipeline late Thursday. Nigeria's Oil Minister Odein Ajumogobia conceded Friday that the country's oil sector had received a beating from a spate of militant attacks, adding that a peace summit in July would help quell unrest.
Okay! Saudi Arabia will increase its daily oil production to 9.7 million barrels from 9 million to counter the sharp rise in international oil prices, Saudi King Abdullah said Sunday. The country's petroleum minister, Ali I. Al-Naimi, said that the increase will take place in July. It would be Saudi Arabia's highest production rate since 1981. Al-Naimi also said the government will invest in oil projects that would allow the nation to produce 12.5 million barrels per day by the end of the year. King Abdullah's remarks 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. He said $500 million should be given to developing nations to help them get the energy they need.