Saudis signal boost in production capacity

U.S. energy secretary, for his part, calls again for more production Prince Abdulaziz Bin Salman Bin Abdulaziz, Saudi assistant minister for petroleum affairs, addresses journalists at a hotel in the Red Sea port city of Jiddah, Saudi Arabia, on Saturday before a major oil summit. He said the conferees will try to draw "a collective way forward for how to attend to this situation." JIDDAH, Saudi Arabia - Saudi Arabia will increase oil production capacity gradually over the next year, a senior adviser to the country's petroleum minister told CNBC as delegates gathered for an energy summit in the Saudi port city of Jiddah. Ibrahim Al-Muhanna said production would increase significantly "by the middle of next year." The kingdom's current total capacity of 11.3 million barrels per day is expected to increase to 12.5 million... [read full story]