SAUDIS TO BOOST OIL PRODUCTION

Saudi Arabia is considering boosting oil production to its highest level in more than 25 years in order to bring down record prices and ease political pressure from the U.S. and other developed countries. The kingdom would complete the development of its giant Khursaniyah field soon, industry executives and diplomats said, increasing its output capacity by up to 500,000 barrels a day. However, the Saudis have already hinted they would not bring that entire amount to market.