Saudi Arabia Oil Output Hike Announcement Lowers Prices

June 19, 2008 6:28 p.m. EST

London, UK (AHN) - Saudi Arabia's announcement of increased oil export posted Thursday on its London embassy website was pulled out but did not prevent world prices of the commodity from falling.

The embassy issued no confirmation nor denial about the 200,000 barrels per day increase in oil output. sending the price of July oil contracts on the New York Mercantile Exchange down by $4.75 to $132 on Thursday from a high of $140 on Monday.

August contracts for London's Brent North Sea oil also fell by $4.44 to $132 per barrel.

The announcement followed United Nations Secretary General Ban Ki-Moon's statement on Sunday that Saudi officials told him in a meeting that the world's top oil exporter will increase oil production to 9.65 million barrels per day.